BoI company survey pointing to modest growth in Q3

ISRAEL - Report 12 Aug 2019 by Jonathan Katz

The BoI Company Survey for Q2 2019 is pointing to modest growth.
* The net total balance is only +5, below that in 2018 (+12.8).
* Industry and retail trade are reporting contraction in activity, while services, construction and hotels are reporting expansion.
* Manufacturing export orders reflect contraction, while domestic orders are slightly positive.

The Poalim consumer confidence index has drifted lower, possibly due to political instability and expectations for higher taxation.

Average wages continue to increase (4.1% y/y) on a tight labor market and is a factor supporting some inflationary pressure.

July's fiscal data was somewhat positive, with strong tax revenues.
* The deficit declined to 3.8% GDP LTM (from 3.9% last month).
* Tax revenues were up 5% y/y in July on strong VAT collection.
* This is in line with fairly steady private consumption growth.
* This is a positive print for the bond market, but the deficit is still expected to breach 4% GDP this year, requiring significant consolidation in 2020.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This report is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This report is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this report or its contents.