Israel's Economy Shows Signs of Growth in First Quarter

The Composite State of the Economy Index in Israel rose by 0.25% in March, indicating moderate economic growth. This was driven by increased imports, exports, and consumer spending, despite declines in services exports and employment. The index is calculated using ten economic indicators.

In a compelling sign of economic endurance, Israel's Composite State of the Economy Index saw a moderate rise of 0.25% in March, the Bank of Israel announced. Reflecting slightly tempered growth, revisions in the Index for January and February further bolstered optimism for the first quarter.

This upswing was bolstered by a surge in the importation of consumer goods and production inputs, robust goods exports, and a significant uptick in credit card transactions observed in March. Additions to the Industrial Production Index, the services revenue index, and the retail trade revenue index in February played key roles as well.

However, the economy faced setbacks with a decline in services exports and a drop in employee posts in January, which negatively affected the overall index. The Composite State-of-the-Economy Index, a real-time economic indicator, is meticulously calculated monthly by the Bank of Israel, employing ten diverse inputs to gauge the nation's economic trajectory.

(With inputs from agencies.)