The increase reflects increases in the indices of trade and services revenue, manufacturing production, and goods imports
The Bank of Israel's composite state-of-the-economy index for January 2012 increased by 0.2% from its December level.
The data incorporated in the index indicate the continued expansion of economic activity, as did the indices in the last quarter of 2011, albeit at a more moderate pace than in the third quarter of the year.
The increase in the index this month reflects increases in the indices of trade and services revenue, manufacturing production, and goods imports. These were partially offset by marked declines in the indices of goods exports and services exports.
As a result of upward revisions by the Central Bureau of Statistics of the indices of services exports, trade and services revenue and manufacturing production for the months October to December, the indices for those months were adjusted upwards slightly.
The main components of the index changed as follows:
The index of manufacturing production rose by 0.8% in December, after declining by 1.7% in November. The trade and services revenue index rose 0.9% in December, following its 0.1% rise in November. The services (excluding transport) exports index dropped in January (Bank of Israel estimate) by 8.8%, after rising by 6.5% in December.
The index of imports of production inputs went up in January by 3.7%, after remaining steady in December. The goods exports index fell by 6.3% in January, following its 0.4% increase in December.
The index of consumer goods imports rose by 1.4% in January, following its rise of 2.4% in December.