BOI-The Composite State of the Economy Index for March increased by 0.2 percent.
ENPNewswire-May 3, 2022--BOI-The Composite State of the Economy Index for March increased by 0.2 percent
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Release date- 01052022 - With the end of the fifth morbidity wave (the Omicron wave) and the return of economic activity and of the labor market to their strong levels from before the COVID-19 crisis, the Composite State of the Economy Index for March increased by 0.2 percent.
It seems, thus far, that the war in Ukraine, which led to a marked increase in commodity prices, has not led to a significant impact to real economic activity in Israel.
The Index was positively affected by increases in the Industrial Production Index (February), the services revenue index (February), and the import of production inputs (March). The job vacancy rate remains at a record high that reflects the continued desire of employers to expand their operations following the reopening of the economy. In contrast, the import of consumer goods (March) and goods exports (March) declined, which had a negative impact on the Index.
Table 1 presents the revisions to the Index for previous months. The Index for February was revised upward (from a slight contract to a moderate expansion), influenced by positive industrial production and services revenue data.
Table 2 presents the development of components of the Index in the past few months.
In view of the uniqueness of the crisis and the resulting measurement difficulties, the changes in the Index should not be used as an indicator of the precise intensity of changes in economic activity.
Table 1: Revisions in the Composite Index
Revision
Previous figure
New figure
March
0.19
February
0.08
0.10
January
0.06
0.07
December
0.09
0.09
November
0.40
0.40
October
0.51
0.51
Table 2: Changes in the Index components in recent months?
(monthly percent change, unless otherwise noted)
March
February
January
December
Industrial Production Index
(excluding mining and quarrying)
1.1
1.1
6.4
Services Revenue Index
(excluding education and public administration)
4.0
1.4
6.4
Retail Trade Revenue Index
0.6
0.9
0.4
Imports of consumer goods1
6.0
2.5
7.5
3.0
Imports of manufacturing inputs
(excluding fuels)1
2.6
2.4
7.1
0.1
Goods exports (excluding agriculture)1
0.4
5.0
1.3
0.3
Services exports (excluding transportation)2
0.1
1.0
Number of employee posts in the private sector
0.4
0.8
Job vacancy rate in the business sector3
5.1
5.1
5.0
4.9
Building starts4
3.8
1 Goods imports and exports...
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