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The Melnick State of the Israeli Economy Index rose by 0.2% in December 2024. According to the index, the business sector grew by approximately 0.5% in 2004. However, on a per capita basis, business sector activity declined by about 1.5%.

As of December 2024, the level of business sector activity is only 0.3% higher than in September 2023, the month preceding the outbreak of the war. This stagnation suggests that business sector growth essentially halted during this period.

Revenue in economic sectors, which reflects domestic demand—primarily private consumption—has increased, possibly signaling rising expectations for the end of the war. On the supply side, the industrial production index rose, though no definitive trend is apparent. Meanwhile, the import index, largely comprising inputs for domestic production, remains at a high level, potentially indicating a modest uptick in activity. The number of employee posts in the business sector also rose slightly, but supply constraints persist due to reserve force mobilization and the quarantine of workers from the territories.

December 2024 Index Components

Industrial Production Index: Increased by 0.5% in November, following a 0.1% rise in October.

Revenue of Economic Sectors: Rose by 3.0% in November, after a 1.7% decline in October.

Import Index: No change in December, after a 4.3% increase in November.

Employee Posts in the Business Sector: Increased by 0.1% in October, following a 1.0% rise in September.

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