Robust growth supports a 0.75% hike next week

ISRAEL - In Brief 16 Aug 2022 by Jonathan Katz
GDP Growth in Q2 surprised on the upside reaching 6.8% saar (average market consensus was 2.4%, Leader: 3.9%). GDP excluding the volatile import tax factor increased by a more moderate 5.0%. Private consumption surprised strongly with 10.4% growth (mostly consumption of durables), investments were up 7.7% and exports up 10.3% (both manufacturing by 7.3% and hi-tech services by 4.3%) while imports increased by a more moderate 3.5%. Despite the fact that Q122 growth was revised down to -2.7% from -1.8%, this is a strong print supporting our assessment that economic activity remains strong in Israel. We currently see a greater chance for a 0.75% hike next week rather than 0.5%.

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