Israel: Economic activity index picks up pace in July
Israel’s economy appeared to pick up pace at the start of the third quarter, with the Bank of Israel’s Composite State of the Economy Index growing 0.36% over the previous month in July. The print, which was up from June’s revised 0.32% growth (previously reported: +0.35% month-on-month), marked the best result since August 2017.
The result reflected solid rebounds in imports of consumer goods and manufacturing inputs. A pick-up in the job vacancy rate also positively impacted economic activity in July. In contrast, trailing data for June showing decreases in services exports, retail trade revenue, and services revenue dragged on the headline figure. In addition, goods exports in July contracted which held back growth.
Lastly, on an annual basis, growth in the index was stable in July at June’s revised 3.5% (previously reported: +3.6% year-on-year).