Israel: Economic activity remains robust in August
September 23, 2019
The Bank of Israel’s Composite State of the Economy Index rose 0.23% in August compared to the previous month in seasonally-adjusted terms, matching July’s revised figure (previously reported: +0.19% month-on-month). Average growth in July and August was notably above Q2’s average, suggesting a pick-up in GDP growth in SAAR terms in the third quarter. On a year-on-year basis, growth in the index clocked 3.3% in August, matching July’s figure.
August’s reading was supported by stronger merchandise exports and manufacturing imports in August, and healthy industrial production in July. The index is calculated using the latest available data and hence uses a combination of figures from recent months to provide a comprehensive picture of the economy’s performance.
Author: Oliver Reynolds, Economist