Israel

Israel Economic Activity September 2023

Israel: Economic activity remains robust in September

The Bank of Israel’s Composite State of the Economy Index expanded 0.32% month-on-month in seasonally-adjusted terms in September (August: +0.40% mom). The Index was positively influenced by increases in goods exports, credit card purchases, industrial production, retail trade and services revenue.

On an annual basis, economic activity rose 1.9% in September, matching August’s expansion.

Together with upward revisions to July and August data, September’s Index reading suggests a strong GDP outturn in Q3. However, the economy is likely to contract in Q4 due to the war with Hamas.

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