The Index reflects a leap in economic activity of the business sector
Renewal of growth is driven by an increase in private consumption
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The Melnick State of the Israeli Economy Index rose by 0.7 percent in April 2021. The Index increase reflects a leap the economic activity of the business sector. In the first quarter of 2021 the Index grew by 5.1 percent in annual terms; the April index anticipates an acceleration in the growth rate in the second quarter. There is a significant increase in revenue in the commerce and services, which reflects domestic demand and especially private consumption. It appears that the resumption of growth is led by an increase in private consumption, against the background of a reduction last year. The industrial production index and the import index, which consists mainly of inputs to domestic production, have risen to high levels and support the assessment of the improvement in economic activity. The increase in employee posts in the business sector reflects improvement in economic activity and the exit from the third lockdown.
The components of the April index include: an increase of 2.1% in the industrial production index in March, after a decrease of 1.1% in February; a 2.0% increase in revenue from commerce and services in March after a 0.5% increase in February; a 0.1% increase in the imports index in April, after a 4.3% increase in March; and, a 4.6% increase in the number of employee posts in the business sector in February, after a decrease of 5.7% in January.
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