Business sentiment falls sharply as hostilities persist

ISRAEL - Report 13 Nov 2023 by Jonathan Katz

1. The October Business Sentiment Survey reflects an expected sharp decline in economic activity.

2. The fiscal deficit is expected to reach 4% GDP in 2023 and 6% GDP in 2024 as a result of the conflict.

3. We expect a CPI print of 0.5% m/m in October, impacted by seasonality and higher fresh produce prices, as well as the weaker shekel.

4. The bond market appears overly optimistic regarding an imminent aggressive easing cycle.

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