Israel Economic Sentiment September 2017


Israel: Economic activity broadly stable from a month earlier in September on solid imports

November 1, 2017

In September, the Bank of Israel’s (BoI) Composite State of the Economy Index rose 0.27% on a monthly basis, slowing slightly from August’s revised 0.30% increase (previously reported: +0.31% month-on-month). September’s print signaled the continued, broadly stable growth of economic activity observed since the outset of the year. A breakdown of the print showed that September’s increase was largely driven by stronger imports of both consumer goods and manufacturing inputs (excluding fuels), while a decline in goods exports (excluding agriculture) moderated growth in the month.

On an annual basis, the index climbed 3.4% in September from a year earlier, ticking down from August’s 3.5% increase. September’s rise marked the slowest pace of growth for the index since August 2014.

FocusEconomics Consensus Forecast panelists expect GDP to grow 3.4% in 2018, which is unchanged from last month’s forecast. For 2019, our panelists expect GDP growth to tick down to 3.2%.

Author:, Economist

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Israel Economic Sentiment Chart

Israel State of Economy September 2017

Note: Month-on-month and year-on-year variations in %.
Source: Bank of Israel (BoI) and FocusEconomics calculations.

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