Israel: State of the Economy Index picks up in April on the back of greater manufacturing imports
At the outset of the second quarter, economic activity in Israel picked up from the prior month, according to the Bank of Israel’s (BoI) Composite State of the Economy Index. The index rose 0.39% over the previous month in April, accelerating from March’s upwardly revised 0.33% expansion (previously reported: +0.28% month-on-month).
The pick-up was driven by a rebound in the imports of manufacturing inputs. However, the acceleration was likely restrained by a drop in imports of consumer goods and a contraction in exports of goods. Data for March, meanwhile, showed strengthening retail trade and services sectors, as well as a rebound in industrial production.
A year-on-year comparison showed that economic activity growth inched up to 3.7% from the prior month’s upwardly revised 3.6% (previously reported: +3.4% year-on-year).