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The Composite State-of-the-Economy Index for December 2006 Up by 0.6 Percent
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The composite state-of-the-economy index went up by 0.6 percent in November 2006,1 testifying to the continued rapid expansion of economic activity. It should be stressed that the index data for October-November were readjusted upward, following sharp readjustments in data from the Central Bureau of Statistics in the index of trade and services revenues and the index of manufacturing production for October.2 The rise in the December index was affected by a rise in all its components; imports and exports of goods, exports of services, the index of manufacturing production and the index of trade and services revenues.
In a summary of the year, the composite state-of-the-economy index rose at an impressive average rate of 7.3 percent after an average rise of 7 percent in 2005. It should be noted that according to CBS estimates, 2006 saw impressive growth in business sector product of about 6.3 percent.
With regard to the various components of the index, the index of manufacturing production rose sharply in November by 2 percent, after falling 0.3 percent in October. The trade and services revenue index rose in November by 1.2 percent, after dropping 0.2 percent in October. The goods exports index registered a rise of 0.9 percent in December, further to a rise of 2.3 percent in November. The services exports index increased sharply by 14.7 percent in December, after dropping sharply by 19.5 percent in November. The imports index rose by 4.9 percent in December, after falling by 2.1 percent in November.
Updated rates of change in composite index (in percent)
  Previous figure Current figure
October 0.1 0.4
November 0.1 0.4
[1] In calculating the composite index, changes in its components (seasonally adjusted)-in both the current month and previous months with a lag—are taken into consideration.
[2] The rise in the index reflects a 0.3 percent rise relative to the long-term growth trend, which reflects the development of the components of the index over three-and-a-half years.