The Bank of Israel's Composite State-of-the-Economy Index for July 2012 increased by 0.2 percent from its June level.[1] The data incorporated in the index this month indicate the continued expansion of economic activity at a stable rate which is similar to that of the first half of the year. This rate is lower than that of 2011. The increase in the index this month reflects an increase in goods exports and imports, which were offset by a decline in the index of manufacturing production, the trade and services revenue index, and the index of services exports.
The main components of the index changed as follows: The index of manufacturing production declined by 1.2 percent in June, following its decline of 0.4 percent in May. The trade and services revenue index declined by 3.1 percent in June, after a 0.9 percent increase in May. The services exports index (excluding transport) declined in July (Bank of Israel estimate) by 4.5 percent, after an increase of 3.4 percent in June. The index of imports of production inputs increased in July by 3.3 percent, following a decline of 3.5 percent in June. The goods exports (real) index increased sharply, by 21.8 percent, in July, following its 7.7 percent decline in June. The (real) index of consumer goods imports increased by 0.6 percent in July, after a decline of 0.5 percent in June.
Updated rates of change in composite index (in percent)
                                              Previous figure                            Revised figure
April                                              0.20                                        0.18         
May                                              0.21                                        0.18
June                                              0.19                                        0.25
July                                                                                             0.23

[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.