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Bank of Israel Says Economy Flat in August

flat shekel 1

The Bank of Israel released a statement that the state of the economy index for the month of August remained unchanged for the country. While some positives outweighed negatives, declines in some areas began in July with the military action against Gaza, since it affected tourism and trade. This is the second consecutive month that the index was flat.

There was a decline in goods and services exports, including tourism, as well as slow trade revenue and industrial production, starting in July. However, the rise in consumer goods imports and the growing number of employee posts from previous months positively impacted the index.

Imports of consumer goods was up dramatically in August to 6.3% from -1.9% in July.  However, goods and services exports saw an equally dramatic decline, down 6.7% for goods and -4.8% for services compared to the respective 0.1% decrease in these metrics for July.

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