The Bank of Israel’s Composite State of the Economy Index for May 2017
increased by 0.3 percent, in the proximity of the Index’s rate of growth in the
recent period. The Composite Index was positively impacted this month by an
increase in most of its components, particularly the import of manufacturing
inputs in May, as well as by increases in the Industrial Production Index and
the indices of revenue in trade and services for April. In contrast, the Index
was negatively impacted by a decline in consumer goods imports.
There were no changes in Composite Index figures for recent months,
other than a slight upward revision in the April index deriving from an upward
revision in some of its components, particularly goods exports and consumer
goods imports. (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 months
(monthly percent change, unless otherwise noted)1
1 As the Central
Bureau of Statistics stopped publishing monthly data on building starts,
beginning in July 2016 the method of calculating the building starts component
in the Index was changed. The component is calculated quarterly and the change
(in percent, seasonally adjusted) is attributed to the last month of the
quarter for which it is published. The last figure published is for the first quarter
of 2017 (and therefore is attributed to March) and it indicated a decline of
2 Foreign trade
indices are quantitative (in contrast to Central Bureau of Statistics monthly
foreign trade indices).
3 The job
vacancy rate is included in the Index at its level, seasonally adjusted and
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