The Bank of Israel’s Composite State of the Economy Index for July 2017
increased by 0.2 percent, similar to the previous month. The Index was affected by a decline in goods
exports and increases in the Industrial Production index and the revenue
indices for June (Table 2). The increase
in the Index continues to indicate continued expansion of economic activity at
a stable pace of the past half-year. Looking more broadly, the increase in the
Index over the past six months (an average pace of about 0.2 percent) is
slightly more moderate than the average during 2016 (about 0.4 percent).
The Composite Index figures for recent months were revised slightly
downward (Table 1). The downward
revision for April is more significant, as it derives from the publication of
GDP growth figures that were lower than expected in the second quarter, and the
decline in goods exports in that month.
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)
trade indices are quantitative (in contrast to CBS monthly foreign trade
job vacancy rate is included in the Index at its level, seasonally adjusted and
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