Israel PMI August 2019


Israel: Manufacturing PMI crashes into contractionary territory in August

September 22, 2019

The Purchasing Managers’ Index (PMI), produced by Bank Hapoalim and the Israeli Purchasing & Logistics Managers Association (IPLMA), fell from 52.2 in July to 44.3 in August, moving below the neutral 50-mark separating expansion from contraction in the manufacturing sector.

The fall in the headline figure was driven by weaker domestic and export demand, and employment. While economists at Bank Hapoalim cautioned that summer vacations could have distorted the figures—despite seasonal adjustment—soft global trade was likely a more structural underlying factor, as many countries have seen their manufacturing sectors lose traction this year.

FocusEconomics Consensus Forecast participants expect fixed investment to increase 4.6% in 2019. For 2020, panelists expect fixed investment to expand 3.0%.

Author:, Economist

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Israel PMI Chart

Israel PMI August 2019 1

Note: Bank Hapoalim Purchasing Managers’ Index. Readings above 50 indicate an improvement in manufacturing business conditions while readings below 50 indicate a deterioration.
Source: Bank Hapoalim and IPLMA.

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