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