Signs of some growth moderation in recent months

ISRAEL - Report 26 Jul 2021 by Jonathan Katz

1. Recent indicators point to some “normal” deceleration as growth returns to a more sustainable pace.

2. Nevertheless, hi-tech service exports continue to surge, supportive of a strong CA surplus and shekel appreciation.

3. The second half of June witnessed strong employment growth in anticipation of the cancellation of Covid government labor supports.

4. Our inflation forecast (1.1% NTM) remains below consensus as we expect further shekel appreciation and policy aimed at reducing the cost-of-living.

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