Israel Economic Sentiment October 2017


Israel: Economic activity ticks up in October on higher tourist entries, manufacturing imports

November 27, 2017

In October, the Bank of Israel’s (BoI) Composite State of the Economy Index rose 0.32% on a monthly basis, accelerating from September’s revised 0.28% increase (previously reported: +0.27% month-on-month). October’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 manufacturing inputs (excluding fuels) and a rise of tourist entries reflected in the uptick in services exports. Meanwhile, a decline in imports of consumer goods moderated growth in the month.

On an annual basis, the index climbed 3.3% in October from a year earlier, ticking down from September’s 3.4% increase. October’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 October 2017

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

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