The Bank of Israel’s Composite State of the Economy Index for February
2017 increased by 0.3 percent, similar to the average during 2016. The
Composite Index was positively affected this month by an increase in the import
of consumer goods and in the import of inputs in February, and by the trade and
services revenue indices for January. In contrast, the increase in the Index
was moderated in February by the decline goods exports and the decline in the job vacancy rate.
Index readings for previous months were revised upward due to the
positive influence of data published this month. (Table 1). Table 2 presents
the development of components of the Index in the past few months.
Table 1: Revisions in the Composite Index
Table 2: Changes in the Index components in recent months1
(monthly percent change, unless otherwise noted)
Rate of vacant
1 Since the
Central Bureau of Statistics stopped publishing monthly figures on building
starts, beginning in July 2016 the method of calculation of the building starts
component of the Index was changed. The component is calculated at a quarterly
frequency, and the change (seasonally adjusted, in percent) is attributed to
the last month of the quarter for which the figure is published. The last figure published is for the third
quarter of 2016 (attributed to September), and shows a decline of 1
percent. The other months in the quarter
are missing values for which the variable value is estimated in the model.
2 Foreign trade
indices are quantitative (in contrast to CBS monthly foreign trade indices).
3 The job
vacancy rate is included in the Index at its level, seasonally adjusted and
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