Fiscal Balance in Israel
Israel - Fiscal BalanceThe economy lost steam in Q3, amid a surge in Covid-19 cases and the consequent tightening of restrictions. Looking at subsectors, private consumption growth slowed notably, while public spending slipped into contraction and fixed investment accelerated. However, the overall GDP slowdown was exaggerated by the effect of lower taxes on car imports—a factor which frequently distorts Israel’s national accounts figures. Turning to Q4, October’s Composite State of the Economy Index reading suggests activity is accelerating, with the services sector likely benefiting from tumbling Covid-19 cases as the vaccine booster campaign has been rolled out. However, the sudden border closure in November will be hitting tourism. In politics, the government approved the 2021 and 2022 budgets in November, averting snap elections. The budgets also contain structural reforms with the potential to boost future growth.
Israel - Fiscal Balance Data
|Fiscal Balance (% of GDP)||-2.1||-2.1||-2.0||-2.9||-3.7|
5 years of economic forecasts for more than 30 economic indicators.
Israel Fiscal Balance Chart
Source: Central Bank of Israel.
|Bond Yield||0.98||-1.69 %||Jan 01|
|Exchange Rate||3.46||-0.37 %||Dec 31|
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November 25, 2021
The Bank of Israel’s Composite State of the Economy Index grew 0.25% month-on-month in seasonally-adjusted terms in October (September: 0.05% mom).
November 22, 2021
The Manufacturing Purchasing Managers’ Index (PMI), produced by Bank Hapoalim and the IPLMA, came in at 55.4 in October, down from September's 58.1.
November 22, 2021
At its 22 November meeting, the Bank of Israel (BoI) left the policy rate at 0.10%.
November 16, 2021
GDP growth waned to 2.4% in seasonally-adjusted annualized rate terms (SAAR) in the third quarter, from 13.7% in the second quarter.
November 15, 2021
Consumer prices rose 0.10% in October over the previous month, coming in below September's 0.20% increase.