BoI's State of the Economy Index rises

The rise was the first since July 2008, but the Bank of Israel says it is too early to call it a turning point.

The composite state-of-the-economy index, measured by the Bank of Israel, rose 0.2% in June.

The rise was the first since July, 2008. The Bank of Israel said it is still too early to estimate whether the rise signals a turning point in Israel's economy.

The June rise reflects gains in foreign trade-related components of the index - export and import of goods. However, most of the other components fell.

The May index was revised upward, to -0.3% from -0.5%. The change followed upward revisions by the Central Bureau of Statistics in the export and import of goods, and the export and import of services indices for that month.

For May, the manufacturing production index fell 1.5%, following a 0.9% drop in April. The trade and services revenue index fell in May by 0.6^, following a drop of 3.1% in April.

Goods exports rose 1.5% in June, following a jump of 7.8% in May. The imports index rose 3.7% in June, after a drop of 3.6% in May.

The consolidated index takes into account various factors, both in the month being measured as well previous months.

Published by Globes [online], Israel business news - - on July 19, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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