Corporate survey indicates continued growth with signs of moderation ahead

ISRAEL - In Brief 09 Aug 2023 by Jonathan Katz
Corporate survey indicates continued growth with signs of moderation ahead The Business Sector Tendency Survey indicates continued expansion of economic activity. Basically, there is a problem of the lack of seasonal adjustment in the series of the survey. With that, the current activity component increased to 22.82 points in July from 21.48 in June, but the expectations component for a change in activity next month declined to 3.9 from 4.8 (moderation but still positive growth). The expected change in employment component weakened slightly to 3.57 from 3.63, while the expected change in employment in the communications and information industry (high-tech services) increased to 7.9 from 2.9. The expected change in exports in the high-tech sector also improved to 13.9 from 6.3. Apparently, Israel's high-tech sector is also enjoying signs of recovery in global high-tech. One-year inflation expectations moderated to 3.12 percent from 3.38 percent a month ago and 3.42 percent two months ago. The main consideration of the interest rate will continue to be the inflation environment, including the trend of depreciation, but continued expansion of activity will make it easier to decide to increase the interest rate if necessary. Budget figures were reasonable In July, tax revenues reached NIS 39.2 billion, compared with NIS 39.8 billion a year ago. Much of the decline is due to a sharp decline in real estate tax revenues, which fell by 49%. At the same time, there is a relatively rapid increase in ministry expenditures at an annual rate of over 9 percent from April to July (compared with the corresponding months), compared with a budgeted growth rate of 7.8 percent. Since the ...

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