Rate stability expected this week with a more neutral bias

ISRAEL - Report 06 Jan 2020 by Jonathan Katz

GDP growth reached 3.3% in 2019 on strong domestic consumption and service exports. Growth in 2020 is expected to slow to 2.8% on weaker consumption due to a tighter fiscal position, offset by natural gas exports. Average wages are expanding by 2.5%-2.8% annual, supportive of PC demand and some modest inflationary pressure. We expect rate stability on Thursday, combined with a more neutral monetary bias reducing the possibility of a rate cut in 2020.

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