BoI expected to move to a more dovish forward guidance

ISRAEL - Report 26 Aug 2019 by Jonathan Katz

Recent economic indicators released last week point to steady growth: The BoI Composite index increased by 0.19% m/m in July, export services increased by 9.8% saar in Q2 2019, and total revenues of the economy increased by 4.1% saar in Q2.

We expect a rate-hold decision on Wednesday, with a likely shift to a more dovish forward guidance. Our GDP forecast for 2020 stands at 2.8%, 0.4% of which will be due to the commencement of natural gas exports.

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