Israel: Economy starts 2020 on solid footing
The Bank of Israel’s Composite State of the Economy Index rose 0.25% in January compared to the previous month in seasonally-adjusted terms, down marginally from December’s 0.26% expansion. On a year-on-year basis, growth in the index clocked 3.2%, down from December’s 3.4%. The data suggests the economy began the year in a healthy fashion, likely supported by a strong labor market.
January’s month-on-month reading was supported by higher retail trade and services revenue in December, and higher exports in January. 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.