Rapid growth of the business sector
Significant increase in revenue in commerce and services, and in industrial production
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The Melnick State of the Israeli Economy Index rose by 0.8 percent in July 2021. The rise in the Index reflects continued rapid growth in economic activity of the business sector. The updated CBS data strengthens the evaluation that the rapid growth rate of the business sector, of the second quarter, continues in the third quarter. The revenue in commerce and services – which reflects domestic demand and especially private consumption – rose by 6 percent in June, while the industrial production index, which reflects the supply side of the business sector, rose by 4 percent. The high level of the import index, which consists mainly of inputs to domestic production, expresses continued optimism in the business sector, despite its decline in July. The increase of employee posts in the business sector continues, reflecting the improvement in economic activity and the decline in the unemployment rate..
The components of the July index include: a 4.0% increase in the industrial production index in June, after a decrease of 1.8% in May; an increase of 6.0% in revenue in commerce and services in June after a decrease of 2.3% in May; a decrease of 1.0% in the import index in July, after an increase of 4.9% in June and a no change in the number of employee posts in the business sector in May, after an increase of 2.2% in April.
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