The Melnick Index of economic activity fell by 0.7% in May.
The Melnick Index of economic activity fell by 0.7% in May 2009, indicating a worsening situation.
Prof. Rafi Melnick of the Arison School of Business at the Interdisciplinary Center, Herzliya developed by the index, which tracks business activity through the basic macroeconomic data published by the Central Bureau of Statistics.
Prof. Melnick said, "The recession is deepening and indications are that business output has continued to contract in the second quarter of 2009.
"He added, "I don't see any real turning point in activity in the economy, not in the second half of the year either. 2009 will have negative growth."
Published by Globes [online], Israel business news - www.globes-online.com - on June 21, 2009
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Yossi Nissan and Adrian Filut