Hi-tech service exports up + PMI rebounds

ISRAEL - In Brief 25 Sep 2024 by Jonathan Katz
Hi-tech service exports have increased in recent months, up 1.8% m/m in July and up 3.7% since March 24. In the first 7 months of the year, hi-tech service exports have increased by 4.8% y/y. This important economic driver (all computer, software, IT, R&D, etc.) is an important driver making up nearly 11% of GDP and has continued to expand during the war, supportive of the CA surplus and therefore the shekel as well. The PMI rebounded in August, increasing by 6.3 points to 53.5, with export orders up 10 points to 55.7, and domestic orders up 4.2 points to 58.2. The production component was up 7.4 points to 56.4. This positive data is in line with both robust industrial production and exports. It is not clear to what degree the recent escalation will impact manufacturing in the North.

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