The Bank of Israel’s Composite State of the Economy Index for June 2017
increased by 0.3 percent, an increase slightly higher than in the previous
month, indicating continued expansion of economic activity. Looking more
broadly, the increase in the Index over the past three months is slightly more
moderate than the average in the preceding year and a half (about 0.4
percent). This slowdown is a result of
the declines in a number of components in the past two months (Table 2).
The Composite Index figures for recent months were revised slightly
downward (Table 1), mainly due to the decline in the Industrial Production and
Revenue indices for May. 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)
Production Index (excluding mining and quarrying)
Revenue Index (excluding education and public administration)
of consumer goods1
of manufacturing inputs (excluding fuels)1
exports (excluding agriculture) 1
exports (excluding transportation) 1
employee posts in the private sector
vacant employee posts out of total number of employed people in the business
1 Foreign trade
indices are quantitative (in contrast to CBS monthly foreign trade indices).
2 The job
vacancy rate is included in the Index at its level, seasonally adjusted and
3 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.
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