BoI’s economy index unchanged

By SHARON WROBEL
October 24, 2010 23:08

Index of leading economic indicators remained unchanged; exports continue decline; trade and services revenue improves.

2 minute read.



BoI’s economy index unchanged

bank of israel 248.88. (photo credit: Ariel Jerozolimski)

The Bank of Israel’s index of leading economic indicators remained unchanged in September as faster growth in trade and services revenue was offset by slower growth in industrial production and imports and exports of goods and services, the central bank reported Sunday.

“The figures of the index in the third quarter of the year point to an increase in economic activity at a more moderate pace compared with the two previous quarters,” the Bank of Israel said.

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The manufacturing production component of the index fell 6 percent in August, after rising 2.6% in July. The trade and services revenue component rose 0.1% in September, after growing 1.7% in August. The services exports component dropped 4.5% in September, after increasing 5.2% in August.

The goods exports component declined 5.6% in September, after dropping 11.8% in August. The imports of consumer goods component fell 2.9% in September, after declining 5.5% in August. The imports component of production inputs increased 1.4% in September, after falling 0.6% in August.

Industrial production increased 7% in the June-August period, after growing 18.6% in March-May, the Central Bureau of Statistics reported Sunday. Manufacturing production, excluding hi-tech, rose an annualized 4.4% in June-August, after rising 7.9% in the previous three months. From the beginning of the year through August, industrial production grew 11.1% in seasonally adjusted terms, and 9.7% not including hi-tech, compared with the same period last year.

“The trend figures point to continued growth in industrial production, mainly boosted by production growth in the hi-tech sector,” the statistics bureau said in its report. “Over the past 15 months since June 2009 industrial production continued to rise. However, in the past five months, the rate of the increase in trend figures narrowed.”

Production in the hi-tech sector increased 12.7% in the June-August period, compared with 34% in March- May. Over the first eight months of the year, production in the hi-tech sector grew 12.9% compared with the same period last year.

Exports of services rose 8.6% in seasonally adjusted terms during August, compared with July, and totaled $2 billion, the statistics bureau said Sunday in a separate report. That followed a decline of 10.2% in July compared to June.

Exports of business services increased 5.8% in August, after dropping 10.1% in July. Business services exports comprise two-thirds of exports and include software and computer services, engineering and technical services, communications services, construction and trade.


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