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The Composite State-of-the-Economy Index for March 2012 increases by 0.2 percent from the February level
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The Bank of Israel's composite state-of-the-economy index for March 2012 increased by 0.2 percent from its February level.[1] The data incorporated in the index this month indicate the continued expansion of economic activity, as did the figures in the first quarter of 2012, albeit at a more moderate pace than in the second half of 2011. The increase in the index this month reflects a steep increase in the index of imports of production inputs, which was partially offset by a decline in the indices of goods exports, consumer goods imports and manufacturing production.
The main components of the index changed as follows: The index of manufacturing production declined by 2.2 percent in February, following its increase of 0.7 percent in January. The trade and services revenue index remained unchanged in February, after a 1.8 percent decline in January. The services exports index (excluding transport) dropped in March (Bank of Israel estimate) by 9.6 percent, after rising by 4.7 percent in February. The index of imports of production inputs rose in March by 7.5 percent, following its fall of 2.5 percent in February. The goods exports (real) index declined by 1.2 percent in March, following its 1 percent drop in February. The (real) index of consumer goods imports declined by 9.4 percent in March, further to the fall of 0.9 percent in February.
Updated rates of change in composite index (in percent)
  Previous figure Revised figure
December 0.18 0.15
January 0.15 0.16
February 0.19 0.15
March   0.19
[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.
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