The index for November was revised slightly upward, inter alia due to an upward revision in the industrial production figure for October and a figure more positive than forecast for November (Table 1). Table 2 presents the development of components of the Index in the past few months.
The Composite State of the Economy Index increased by 4 percent in 2017 relative to 2016. The trade and services revenue indices, which reflect the expansion of domestic demand, led the increase in the Composite Index this year as well. However, in contrast with 2016, the industrial production index and the goods and services export indices also contributed to the increase in the index this year.
Table 1: Revisions in the Composite Index
|
Revision |
Previous data |
New data |
|
December |
|
0.32 |
|
November |
0.25 |
0.33 |
|
October |
0.23 |
0.25 |
|
September |
0.22 |
0.24 |
Table 2: Changes in the Index components in recent months
(monthly percent change, unless otherwise noted)
|
|
December 2017 |
November 2017 |
October 2017 |
September 2017 |
|
Industrial Production Index (excluding mining and quarrying) |
|
1.7 |
-0.9 |
0.6 |
|
Services Revenue Index (excluding education and public administration) |
|
4.1 |
1.2 |
-2.4 |
|
Retail Trade Revenue Index |
|
-0.3 |
2.5 |
-1.4 |
|
Imports of consumer goods1 |
2.5 |
6.9 |
-2.3 |
-0.1 |
|
Imports of manufacturing inputs (excluding fuels)1 |
1.8 |
2.7 |
3.2 |
0.8 |
|
Goods exports (excluding agriculture) 1 |
-0.8 |
-1.7 |
3.8 |
-7.5 |
|
Services exports (excluding transportation) 1 |
|
|
5.7 |
-3.1 |
|
Number of employee posts in the private sector |
|
|
0.3 |
0.1 |
|
Rate of vacant employee posts out of total number of employed people in the business sector2 |
3.8 |
3.9 |
3.8 |
3.8 |
|
Building starts3 |
|
|
|
-10.6 |
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 smoothed.
3 As the Central Bureau of Statistics ceased publishing monthly data on building starts, since July 2016 the calculation of the building starts component in the Composite Index has changed. The Component is calculated at a quarterly frequency and the change (in percent, seasonally adjusted) is attributed to the last month of the quarter for which it is published.
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