Growth of the business sector continues at a rapid pace
Imports of inputs for domestic production continue
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The Melnick State of the Israeli Economy Index rose by 0.4 percent in September 2021. The economic growth continues at a rapid pace. The level of revenue in the commerce and services – which reflects domestic demand and especially private consumption, continues to rise, and it appears that private consumption pulls aggregate demand upwards and generates an economic activity boom. The increase in the industrial production index – which reflects the supply side of the business sector, was curbed following the sharp rises in June and July. The import index, which consists mainly of inputs for domestic production, continues to rise at a high rate. The upward trend of input imports is consistent with a rapid economic growth rate and probably reflects optimism in the business sector. 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 September index include: a decrease of 2.4% in the industrial production index in August, after an increase of 1.7% in July; a 4.0% increase in revenue from commerce and services in August after a decrease of 2.5% in July; an increase of 2.4% in the import index in September, after an increase of 4.9% in August 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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