The Composite State of the Economy Index declined in June by 0.67 percent. This decline reflects the transitory adverse impact on economic activity of Operation Rising Lion, which took place that month. The negative impact included limitations on opening businesses and the closing of civilian airline activity.
The Index was negatively influenced by declines in the goods export and import indices, and by credit card purchases and the job vacancy rate in view of the military operation in June, as well as the decline in building starts in March. Increases in the Industrial Production Index and the trade revenue index (May) and services exports (April) moderated the decline of the Composite Index.
Table 1 presents the retroactive revisions to the Index for previous months. Table 2 presents the development of components of the Index in the past few months.
Table 1: Revisions in the Composite Index (percent)
|
Revision |
Previous figure |
New figure |
|
June |
|
-0.67 |
|
May |
0.11 |
-0.17 |
|
April |
-0.16 |
-0.10 |
|
March |
0.15 |
0.08 |
|
February |
0.02 |
0.06 |
|
January 2025 |
0.10 |
0.07 |
Table 2: Changes in the Index components in recent months
(monthly change, percent, unless otherwise noted)
|
|
June |
May |
April |
March |
|
Industrial Production Index (excluding mining and quarrying) |
|
7.3 |
0.5 |
-0.9 |
|
Services Revenue Index (excluding education and public administration) |
|
-2.2 |
-2.1 |
-0.7 |
|
Retail Trade Revenue Index |
|
1.4 |
-0.1 |
-0.4 |
|
Imports of consumption goods1 |
-13.1 |
-3.8 |
1.9 |
5.5 |
|
Imports of production inputs (excluding fuels)1 |
-5.8 |
-6.7 |
2.8 |
4.0 |
|
Goods exports (excluding agriculture)1 |
-15.6 |
5.7 |
-14.2 |
6.1 |
|
Services exports (excluding transportation)2 |
|
|
1.9 |
1.7 |
|
Employee posts in the private sector |
|
|
0.1 |
0.0 |
|
Job vacancy rate in the business sector3 |
4.1 |
4.4 |
4.3 |
4.4 |
|
Building starts4 |
|
|
|
-8.2 |
|
Credit card purchases5 |
-12.7 |
0.6 |
-0.4 |
0.0 |
1 Goods imports and exports are calculated in fixed prices (adjusted for changes in foreign trade price indices).
2 Services exports are calculated in real terms using the Consumer Price Index, and are comprised of the export of other business services and the export of tourism services.
3 The job vacancy rate is calculated out of the total number of employed people, and is included in the index at its seasonally adjusted level.
4 Since the Central Bureau of Statistics publishes data on building starts once per quarter, the data integrated into the model are at a monthly frequency based on additional sources, such that the distribution is consistent with the quarterly data published by the Central Bureau of Statistics (in percent, seasonally adjusted).
5 The credit card purchases figure is the monthly seasonally adjusted change according to Central Bureau of Statistics publications. When the CBS figure for a month is not available, the figure listed is an estimate based on the monthly rate of change according to daily data from SHVA, seasonally adjusted.
Detailed explanations regarding how the Composite Index is calculated, as well as detailed long-term tables, can be found at: