Bank of Israel: state of the economy Index for June 2007 up sharply

The figures show rapid and strong growth in the economy, which expanded by 1.9% in the second quarter of 2007, after expanding by a similar rate in the first quarter of the year
 
The Bank of Israel announced last week that the State of the Economy Index rose 0.7% in June 2007. The Bank of Israel noted that the rise was similar to the increase of the Consumer Price Index (CPI) for June.
 
The figures show rapid and strong growth in the economy, which expanded by 1.9% in the second quarter of 2007, after expanding by a similar rate in the first quarter of the year.
 
Israel’s economic activity expanded, according to the BoI by an annualized 5.5-6% in the first six months of 2007, a rate of growth that reflects the increase in business sector product.
 
The Bank of Israel noted the following changes in other components of the State of the Economy Index which were as follows: industrial output rose by a seasonally adjusted 2.3% in May (the latest reported figure); trade and services proceeds rose by a seasonally adjusted 1.2%; exports of goods fell 8% in June, after rising sharply in May; imports fell 1%; export of services fell 0.9%.
 
Bank of Israel figures indicate continued high growth and rapid economic expansion for the fourth consecutive year. The State of the Economy Index rose by 7.6% in 2006, 6.7% in 2005 and 6.8% in 2004.