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The Bank of Israel's Composite State of the Economy Index for June 2014 increased by 0.1 percent, indicating a moderate rate of growth, similar to the growth rate that has characterized the economy in recent months. Components that made particular contributions to the increase of the Index this month were increases in the Industrial Production Index and in services exports, while declines in goods exports and trade and services revenue indices moderated the rate of increase. There were no major updates to Index data for previous months (Table 1). Table 2 presents the development of components of the Index in the past few months.
Table 1: Revisions in the Composite Index
Revision |
Previous data |
New data |
June |
0.10 | |
May |
0.17 |
0.19 |
April |
0.07 |
0.11 |
March |
-0.01 |
0.02 |
Table 2: Changes in the Index components in recent months
(monthly percent change, unless otherwise noted)
June |
May |
April |
March | |
Industrial Production Index (excluding mining and quarrying) |
1.41 |
-0.10 |
-7.57 | |
Services Revenue Index (excluding finance, education, and public administration) |
-1.57 |
-1.39 |
-1.22 | |
Trade Revenue Index |
-1.44 |
1.67 |
-1.90 | |
Imports of consumer goods3 |
-0.43 |
3.64 |
0.26 |
-2.32 |
Imports of manufacturing inputs (excluding fuels)3 |
-0.90 |
4.07 |
-2.41 |
0.89 |
Goods exports (excluding agriculture) 3 |
-6.37 |
4.02 |
-2.82 |
-9.75 |
Services exports (excluding transportation) 3 |
1.15 |
1.51 |
1.47 |
4.42 |
Number of employee posts in the private sector |
0.00 |
-0.17 | ||
Rate of vacant employee posts out of total number of employed people in the business sector1 |
2.68 |
2.70 |
2.68 |
2.68 |
Building starts2 |
0.36 |
-0.08 |
1 The rate of job vacancies at its actual level, seasonally adjusted and smoothed.
2 Six-month moving average.
3 Foreign trade indices are quantitative (in contrast to CBS monthly foreign trade indices).
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