The recovery of business sector activity continues
The import index rose sharply, possibly reflecting optimism for continued growth
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The Melnick State of the Israeli Economy Index rose by 0.3 percent in May 2024. The business sector activity continues to recover, at the current rate the level of activity of the business sector will return to September 23, the pre-war level. The revenue in commerce and services, which reflects domestic demand and especially private consumption, remains at a high level and continues to be the main factor in the economy’s growth in the second quarter of 2024. The industrial production index, which reflects the supply side of the business sector, continues to be volatile and is not characterized by a clear trend. The import index, which consists mainly of inputs for domestic production, rose sharply and may indicate optimism regarding the continued growth of the business sector. The number of employee posts in the business sector returns to rise and reflects a recovery in the labor market.
The components of the May Index include: a 2.3% increase in the industrial production index in April, after a 0.1% decrease in March; a 0.1% decrease in the revenue in commerce and services in April after a 1.3% increase in March; a 10.1% increase in the import index in May, after a 7.9% decrease in April; and a 1.7% increase in the number of employee posts in the business sector in March, after a 0.1% increase in February.
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