18.09.2011
 
The Composite State-of-the-Economy Index for August 2011 increases by 0.3 percent from the July level
 
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The Bank of Israel's composite state-of-the-economy index for August 2011 increased by 0.3 percent from its July level[1], similar to the increases in the previous two months. The index data points to the continued expansion of economic activity, albeit at a more moderate pace than in the first quarter of this year. The increase in the index this month reflects an increase in the manufacturing production index, the index of imports of production inputs, and the services exports index. Those increases were offset by declines in the goods exports index, and the trade and services revenue index. In light of upward revisions by the Central Bureau of Statistics in trend figures for the manufacturing production index in June and July, the composite index was revised upward for those two months.
The main components of the index moved as follows: The index of manufacturing production increased by 1.8 percent in July, after declining 2.6 percent in June. The trade and services revenue index declined 0.4 percent in July, continuing a decline of 0.4 percent in June. The services exports index rose in August by 4.4 percent, following a decline of 9.1 percent in July. The index of imports of production inputs increased in August by 1 percent, following its 0.6 percent rise in July. The goods exports index declined by 5.7 percent in August, following its 3 percent decline in July. The index of consumer goods imports fell by 0.1 percent in August, following an increase of 2.9 percent in July.
 
Updated rates of change in composite index (in percent):
  Previous figure Revised figure
June 0.2 0.3
July 0.2 0.3
 
[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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