Israel: Economic activity index picks up at the start of the fourth quarter

The Bank of Israel’s Composite State of the Economy Index increased 0.28% over the previous month in October, edging up from a revised 0.25% expansion in September (previously reported: +0.26% month-on-month). The result was supported by expansions in exports and consumer goods imports, which contrasted contractions in September. However, the headline reading was held back by September’s drops in industrial production and retail trade and services revenues.

Finally, on a year-on-year basis, growth in the index was stable at September’s revised 3.1% in October.

Israel GDP Forecast

FocusEconomics Consensus Forecast panelists expect GDP to grow 3.2% in 2019, which is unchanged from last month’s forecast. For 2020, our panelists expect GDP growth to remain unchanged at 3.2%.