Business sector activity continues to improve gradually

ISRAEL - In Brief 07 Mar 2024 by Jonathan Katz
The Business Tendence Survey for February points to further gradual recovery in growth, although at a pace slower than pre-war. The current situation component improved slightly but remains below the pre-war level. The expectations component turned slightly net positive from net-negative. The employment component weakened slightly but remained net positive. The good news came from both manufacturing, which is reporting stronger orders, both domestic and export, and the high-tech service sector which is reporting expectation for growth in sales and employment. Construction remains weak and in contraction, while retail trade is sightly positive. Consumer confidence remains low, at near-Covid levels. Bottom line: Domestic activity is improving but remains fairly weak compared to pre-war, while manufacturing/high-tech sectors (export lead) are more optimistic. For the BoI, the weak domestic activity provides a supporting factor for monetary loosening.

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