The index rose 3% in May-July.
The Bank of Israel State of the Economy Index rose 1.1% in July 2007. The index rose 3% in May-July altogether, after the Bank of Israel revised the May and June indices upwards by half a percentage point.
The Bank of Israel said that the July rise in the index indicated “the continued rapid expansion of economic activity.” GDP and business product both grew by annualized 6% in the first half of the year.
The State of the Economy Index rose by 7.4% in 2006, 6.6% in 2005, 7.5% in 2004, and 3.3% in 2003.
The breakdown in the index in July was as follows: the index of manufacturing production fell 2.5% in June, after rising 2.5% in May. The commerce and services revenue index rose 3.3% in June after rising 1.2% in May. The goods exports index rose 8.1% in July, after falling 6.5% fall in June. The imports index rose 10% in July, after falling 0.7% in June. The services exports index fell sharply in July.
Published by Globes [online], Israel business news - www.globes.co.il - on August 21, 2007
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