Israel Economic Activity July 2022


Israel: Composite State of the Economy Index continues to expand moderately in July

August 23, 2022

The Bank of Israel’s Composite State of the Economy Index grew 0.11% in month-on-month seasonally-adjusted terms in July, down from June's 0.16% increase. The index was positively affected by higher imports of consumer goods in July, as well as stronger industrial production in June. That said, lower manufacturing imports in July and lower services revenue in June weighed on the index, which is calculated using a combination of figures from recent months.

On an annual basis, economic activity rose at a softer pace of 2.1% in July (June: +2.2% yoy), the worst result since March 2021.

FocusEconomics analysts see the economy expanding 4.6% in 2022, which is down 0.1 percentage points from last month’s forecast, before growing 3.5% in 2023.

Author:, Economist

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Israel Economic Activity Chart

Israel State of Economy July 2022

Note: Month-on-month and year-on-year variations in %.
Source: Bank of Israel (BoI) and FocusEconomics calculations.

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