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.
Author: Christopher Thomas, Economist