Nov 2012 eng.doc This press release as a Word file

The Bank of Israel's Composite State-of-the-Economy Index for November 2012 increased by 0.1 percent from its October level.[1] The data incorporated in the index this month indicate an additional slowdown in economic activity in recent months. The moderate increase this month also reflects a decline in activity following Operation "Pillar of Defense". The increase in the index reflects increases in the trade and services revenue index and in services exports (excluding tourism), which were offset by declines in the manufacturing production index, the goods exports and goods imports indices, as well as tourism services exports. Following downward revisions by the Central Bureau of Statistics in manufacturing production data for August and September, the composite index was revised downward for those months.


The main components of the index changed as follows: The index of manufacturing production declined by 1.5 percent in October, following a decline of 2.2 percent in September. The trade and services revenue index increased by 3.8 percent in October, after a 6.5 percent decline in September. The services exports index (excluding transport) increased in November (Bank of Israel estimate) by 11.2 percent, after a decline of 6.7 percent in October. The index of imports of production inputs declined in November by 2.5 percent, following a decline of 1.7 percent in October. The goods exports (real) index declined by 6.5 percent in November, following its decline of 2.1 percent in October. The (real) index of consumer goods imports declined by 2.3 percent in November, after a decline of 1.8 percent in October.
Updated rates of change in composite index (in percent)
                                              Previous figure                       Revised figure
August                                          0.17                                         0.10          
September                                     0.15                                         0.07
October                                         0.12                                         0.11

November                                                                                    0.08

[1] In calculating the composite index, changes in its components (seasonally adjusted)—in both the current month and previous months with a lag—are taken into consideration.
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