Israel: Economy starts the fourth quarter on a strong footing
The Bank of Israel’s Composite State of the Economy Index rose 0.30% in October compared to the previous month in seasonally-adjusted terms, up from September’s revised 0.29% expansion (previously reported: +0.25% month-on-month). On a year-on-year basis, growth in the index clocked 3.1% in October, matching September’s figure. The economy thus began Q4 on a strong footing, after rapid economic growth in Q3.
October’s reading was supported by stronger imports and exports of consumer goods in October, and higher industrial production and retail sales in September. 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.