The monthly Index of Economic Activity increased by 0.2 percent in February

The monthly Index of Economic Activity increased by 0.2 percent in February, less than in the previous three months.

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The monthly Index of Economic Activity[1] increased by 0.2 percent in February, less than in the previous three months. The index this month reflects the average monthly growth estimate for the three months from December 2025 to February 2026, and does not reflect the economic implications of Operation Roaring Lion, which began on February 28.  The Index was positively influenced by data on the import of manufacturing inputs in February, the import of durable consumer goods in January and February, the import of investment assets in January, and the general shares index on the Tel Aviv Stock Exchange in recent months.

In contrast, figures for trade and services revenue in December, goods exports and manufacturing exports in February, job vacancies in January and February, the number of employee posts, indirect taxes net of legislative changes, and gasoline consumption in January moderated the increase in the Index (Tables 1 and 2).

The pace of increase of the index is below the long-term growth trend (about 0.3 percent).

The Index for recent months was revised downward with the completion of data that were previously missing.

Figure 1 presents the Index data over the past two years.  Table 1 presents the contributions of the Index’s components to the overall estimate and revisions to the Index, and Table 2 presents the monthly rate of change in the Index’s components.

 

 

FIGURE 1: The Monthly Index of Economic Activity

 

* The table presents the contribution of each group of components in the monthly index, such that the monthly estimate constitutes the sum of the contributions of each of the components detailed in the table.  Some of the raw data influence the monthly estimate with a lag or influence the estimates of several months.

 

 

[1] The monthly Index of Economic Activity reflects the three-month average of the estimated monthly growth of GDP.  The estimate is based on a model developed at the Bank of Israel (Ginker and Suhoy, 2021).