The rapid growth of the business sector continues
Signs of an awakening in industrial activity are evident
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The Melnick State of the Israeli Economy Index rose by 0.7 percent in August 2021. The rise in the Index strengthens the assessment that economic growth will continue to be strong in the third quarter of 2021. The level of revenue in commerce and services – reflecting domestic demand and especially private consumption, continues to be high despite the decline in revenue in the last month. According to the industrial production index, which reflects the supply side of the business sector, there are signs of a revival in industrial activity after a long period of stability in its level. The import index, which consists mainly of inputs to domestic production, continues to rise, this trend is consistent with the assessment of the increase in activity in the business sector and optimism for continued growth. The growth of the business sector is also reflected in the continued rise in the number of employee posts, which reflects the improvement in the labor market and the decline in the unemployment rate.
The components of the August Index include: a 1.0% increase in the industrial production index in July, after a 3.6% increase in June; a 3.0% decrease in revenue from trade and services in July after a 5.5% increase in June; an increase of 4.9% in the import index in August, after a decrease of 0.9% in July and a 2.1% increase in the number of employee posts in the business sector in July, after an increase of 2.5% in June.
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