Israel Economic Sentiment March 2018


Israel: Economic activity edges down on weak external sector in March

April 21, 2018

In March, the Bank of Israel’s (BoI) Composite State of the Economy Index rose 0.28% on a month-on-month basis, decelerating from February’s downwardly-revised 0.33% increase (previously reported: +0.36% month-on-month).

Available external-sector data suggested that March’s easing was driven by a drop in goods exports, as well as consumer goods and manufacturing imports, from a month earlier. Meanwhile, lagging data for February showed a recovery in the retail trade and services sectors, as well as a monthly contraction in industrial output.

On an annual basis, growth of the index was stable from February at 3.4% in March.

FocusEconomics Consensus Forecast panelists expect GDP to grow 3.3% in 2018, which is unchanged from last month’s forecast. For 2019, our panelists expect GDP growth to tick down to 3.2%.


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Israel Economic Sentiment Chart

Israel State of Economy March 2018

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

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