The growth of the business sector continues, but at a lower rate.
Private consumption continues to lead the economic expansion.
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The Melnick State of the Israeli Economy Index rose by 0.3 percent in October 2021. The economic growth continues, although there is a noticeable decline in the growth rate. The level of revenue in commerce and services, which reflects domestic demand and especially private consumption, is high, and it appears that it continues to lead the economic expansion. The industrial production Index, which reflects the supply side of the business sector, has fallen again, and seems to be the source of a decline in the rate of economic growth. The import index, which consists mainly of inputs to domestic production, also declined, but its level remains high after its continuous rise in recent months, and it supports the continued growth. The growth of the economy is evident in the labor market, where the increase in the number of employee posts continues; this increase reflects improvement in the labor market and a decline in the unemployment rate.
The components of the October index include: a decrease of 0.2% in the industrial production index in September, after a decrease of 2.8% in August; a 0.1% increase in revenue from commerce and services in September after a 4.3% increase in August; a 1.7% drop in the import index in October, after a 3.2% rise in September and a 0.9% rise in the number of employee posts in the business sector in August, after a 2.3% rise in July.
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