The business sector growth
continues
The index improvement in
February reflects an update of industrial production data conducted by the
Central Bureau of Statistics
The
Melnick State of the Israeli Economy Index increased by 0.2 percent
in February 2019. The business sector growth continues. A significant revision
of industrial production data conducted by the Central Bureau of Statistics
(CBS) has improved the business sector's growth as reflected in the index of
the state of the economy. The revenue in trade and services, which reflects
domestic demand, and mainly private consumption, rose again, reflecting
improvement in domestic demand. The index of industrial production, which
reflects the supply side of the business sector, rose by an exceptional 5.4
percent in January. It appears that this increase reflects, as mentioned above,
mainly the updating of historical data by the CBS. At this stage, it is
difficult to offer an economic interpretation. The rise in the imports index,
which reflects mainly imports of domestic production inputs, indicates the
possibility of continued growth in the business sector. The number of employee
posts in the business sector declined, but it is too early to interpret the
decline as a turnaround in the labor market.
The February
Melnick Index components include: an increase of 5.4% in the industrial production
index in January, following a decrease of 0.5% in December; an increase of 1.4%
in the revenue of commerce and services in January, following a decrease of
0.5% in December; an increase of 1.5% in the imports index in February,
following an increase of 1.7% in January; and a decrease of 0.2% in the number
of employee posts in the business sector in December, after no change in
November.
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