The decline in the index this month, following declines the past few months, testifies to the economy continuing to slide into a recession
The Bank of Israel published last week its composite state of the economy index, Israel's economic performance index, or "S" index, which indicate a deepening recession. In a statement issued by the Bank it was noted that the "S" index dropped by -1.1% inFebruary.
The composite state-of-the-economy index is a synthetic cyclical indicator for examining the direction in which real economic activity is moving, in real time.
The decline in the index this month, following declines the past few months, testifies to the economy continuing to slide into a recession.
The drop in the index in February 2009 is the steepest fall since June, 2001.
Since August, 2008, the index has dropped 4.3%.