The Bank of Israel published its monthly Index of Economic Activity showing a 0.4 percent decline in May. The index, which reflects the average monthly growth estimate for March to May, points to activity running below the long-term growth trend of about 0.3 percent. The May reading was weighed down by trade and services revenue data and industrial production data in March, as well as by imports of consumption goods and indirect tax revenues in May. Actual gross domestic product data for the first quarter of 2026 also contributed negatively. Offsetting factors included credit card purchases, financial data linked to the Tel Aviv Stock Exchange General Shares Index and the Nasdaq index in April and May, and goods exports in May. The index for the previous two months was revised downward after missing data were completed and first-quarter 2026 growth data were revised lower.
Bank of Israel2026-06-17
Bank of Israel reports 0.4 percent decline in May economic activity index and downward revisions to prior months
The Bank of Israel said its monthly Index of Economic Activity fell 0.4 percent in May, with activity remaining below the long-term growth trend. The decline reflected weaker trade and services revenue, industrial production, consumption goods imports, indirect tax revenues and first-quarter 2026 GDP data. Prior two months were also revised downward.