Strong hi-tech service exports are shekel supportive, PC growth has moderated and is more balanced

ISRAEL - In Brief 28 Dec 2021 by Jonathan Katz
Hi-tech service exports have increased sharply in October (3.5% m/m) following growth of 5.3% in September. Since the beginning of the year, hi-tech service exports (computer, IT, cyber, etc.) are up 22% y/y. This vibrant sector (10% of GDP), has supported shekel appreciation, economic growth and strong tax revenues. Credit card purchases expanded by 6.6% saar in Sept-Nov, slowing somewhat from 14.4% in the previous three months. Consumer demand was concentrated in services (22% saar in the past three months). Private consumption remains strong in Israel, but has begun to normalize, following the surge after the restrictions were lifted. A more balanced balance in PC is supportive of more modest inflationary pressure.

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