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The Bank of Israel has reported a 0.6% increase in the Composite State of the Economy Index for January 2024, signaling a strengthening of economic activity. The rise comes in the wake of the ceasefire in the northern region that began in October 2024, which appears to have contributed to improved economic conditions.
According to the Bank, the index was positively impacted by an increase in key economic indicators, including the Industrial Production Index, the services revenue index, the retail trade revenue index for December, and job vacancies for November. However, declines in the import of consumption goods, the import of production inputs, and goods exports for January, along with a drop in services exports for November, had a negative impact on the index.
The Composite State of the Economy Index is a synthetic measure used to assess the real-time direction of economic activity. It is calculated based on ten different indicators: the industrial production index, the trade revenue index, the services revenue index, consumer goods imports, imports of manufacturing inputs, goods exports, services exports, the number of employee posts in the private sector, the job vacancy rate, and the number of building starts.
The Bank of Israel’s Research Department calculates the index monthly, aligning its release with the publication of the Industrial Production Index by the Central Bureau of Statistics. The latest increase in the index suggests resilience in Israel’s economy despite earlier geopolitical tensions, as economic activity continues to recover.
(With ANI Inputs)
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