Growth in the business sector continues
The rate of growth appears to be more moderate than at the
end of 2016
The
Melnick State of the Israeli Economy Index increased by 0.1 percent
in March 2017. Business sector growth continues, albeit at a more moderate rate
than at the end of 2016 and the beginning of 2017. The revenue in commerce and
services, which reflects domestic demand and especially private consumption, shows,
perhaps temporarily, a stop in the growth that has characterized it in recent
years, (this figure is a temporary estimate because the revenue of all
industries has not yet been published). The index of industrial production,
which reflects the supply side of the business sector, declined. Despite the
previous positive signs, which we reported, it appears that the apparent
improvement in Western economies still does not allow for the expansion of
industrial exports. The index of imports, which mainly includes imports of
inputs for domestic production but also consumption goods returned to show
fluctuations around a positive trend. The rise in the number of employee posts
in the business sector reflects strength in the labor market.
The March
index components include: a 2.3% drop in the industrial production index in
February, following a decrease of 0.8% in January; a decrease of 0.9% in revenue
in commerce and services in February, following an increase of 1.1% in January;
a decrease of 0.9% in the imports index in March, after an increase of 2.2% in
February, and a 0.4% increase in the number of employee jobs in the business
sector in January, following a decrease of 0.3% in December.
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