Israel economic performance index down 0.4% in Oct

The fall in the index was the outcome of a fall in the indices of goods exports and manufacturing production
 
The Bank of Israel reported last week that the composite State of the Economy Index fell 0.4% in October after a similar decline in September of 0.3%. The index has declined for five straight months. The central bank said in a report that 'The decreases inthe index in the past two months attests to a continuing slowdown in the economy, which started at the end of the second quarter of this year.
 
The fall in the index was the outcome of a fall in the indices of goods exports and manufacturing production, partly offset by a rise in trade and services revenue, services exports and goods imports.
 
On the heels of a global downturn, Israeli economic growth is estimated to slow to a 4.5 percent rate in 2008 after growth of 5.4 percent in 2007. Growth is forecast to slip to a 1.5 percent rate in 2009.