Private consumption growth slows in Q421

ISRAEL - In Brief 27 Jan 2022 by Jonathan Katz
Private consumption slowed in Q421, with credit card purchases up only 1.5% saar following growth of 8.6% in Q321. This is due mostly to the outbreak of the Omicron virus towards the end of the quarter (although purchases of services did increase by 12% saar in Q421). December witnessed a 2.3% m/m contraction in purchases. In all of 2021, credit card purchases increased by 14.9% following growth of 3.8% in 2020. Slowing PC growth in Q421 will translate into a weak GDP print for Q421 (to be released on 16.2). We think that the timing of monetary tightening (either in April or the end of May) will depend more on the pace of recovery from Omicron rather than growth in Q421.

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