The recovery of business sector activity continues
The business sector activity slightly exceeded that of a month before the outbreak of war
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The Melnick State of the Israeli Economy Index rose 0.4 percent in June 2024. The business sector activity continues to expand. The business sector’s activity level slightly exceeded the level of September 23, a month before the outbreak of war. The revenue index in all the sectors of the economy*, which reflects domestic demand and especially private consumption, expanded again and was 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, indicates a recovery with an upward trend. The import index, which consist mainly of inputs for domestic production, has been characterized by unusual volatility in recent months. The number of employee posts in the business sector has decreased, but this should not be seen as a weakness in the labor market.
The components of the June Index include: a 1.4% increase in the industrial production index in May, after a 2.3% increase in April; a 1.7% increase in revenue in all branches of the economy in May after a 0.8% decrease in March; a 5.5% decrease in the import index in June, after a 9.5% increase in May; and a 1.3% decrease in the number of employee posts in the business sector in April, after a 1.6% increase in March.
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