BOL: State of Economy index up 0.6% in October

The BOL revised the growth in the August index downward from 0.3% to 0.1%, but revised the September growth figure upward to 0.3%
 
The Bank of Israel's (BOL) Composite State of the Economy Index rose in October by 0.6%, after rising 0.4% in September. In a statement issued by the BoI the bank noted that "Concerns over a U.S economic slowdown continue to loom, but Israeli economic data still shows growth."
 
The BOL revised the growth in the August index downward from 0.3% to 0.1%, but revised the September growth figure upward to 0.3%.
 
The BOL figures indicate that the State of the Economy Index grew at an annualized 8-9% in the first half of the year and a more modest growth of 5% in the third quarter.
 
The State of the Economy Index rose 2.1% in the first quarter and 2.3% in the second quarter, but 1.1% in the third quarter.
For the year as a whole, the index is expected to rise by over 7%, after rising 7.4% in 2006, 7% in 2005, and 7.2% in 2004.                                                                                       
 
With regard to the index components: Industrial exports dropped by 0.6% in September, Services exports grew by 9.7% in October, Commerce and service revenues dropped by 1.3% in September, Export of goods rose 10.9% in October, Imports rose a sharp 13.2% in October.