ECONOMIC OUTLOOK
September 13, 1999

Current Economic Indicators

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Percent Changes





Over previous quarter (seasonally adjusted) January till last month available, over corresponding period last year Last month for
which data are available

1996 1997 1998 III-98 IV-98 I-99 II-99
Economic Activity Indicators








State of the Economy Index (1) 7.9 3.2 4.1 -0.3 0.2 0.1 -0.2 0.9 8
Industrial Production (excl. diamonds) (1) 4.7 1.7 2.9 -0.2 0.4 -1.4 -0.3 -0.8 7
Imports of Raw Materials (2) 2.9 -3.6 -1.8 -1.4 -1.0 -2.2 4.9 -1.8 8










Private Consumption








Sales in Commerce, Food & hotels (1) 6.4 4.5 3.6 -0.9 2.6 -1.0 1.2 2.3 7
Imports of Non-durables (2) 11.1 0.9 3.7 1.0 1.5 0.5 -1.3 1.7 8
Imports of Durables (2) 4.4 -4.5 -4.2 7.9 -13.1 13.7 -12.0 1.9 8










Investment








Imports of Capital goods (excl. ships and aircraft) (2) 8.3 -9.5 -0.2 -3.7 12.4 0.5 4.8 19.8 7
Imports of Machinery and Equipment (2) 9.0 -5.9 0.0 -5.6 21.4 0.6 6.3 27.2 7
Cement Sales (excl. WB&GS, not seasonally adjusted) (1) -3.7 0.8 -8.3 0.1 1.9 -12.6 -12.6 -4.9 7










Foreign trade and Tourism








Imports of Goods (excl. ships and aircraft, diamonds and fuel) (2) 5.1 -4.7 -0.1 -0.9 1.0 -0.1 2.8 2.4 7
Exports of Goods (excl. ships and aircraft and diamonds) (2) 7.9 9.5 7.0 -6.1 2.6 -3.0 5.6 -1.1 7
Trade Deficit (excl. ships and aircraft, diamonds and fuel) (2) -0.2 -29.9 -20.1 23.1 -4.8 10.5 -6.3 14.3 7
Tourist Arrivals by Air (1) -3.9 -3.2 -0.9 0.0 3.8 -1.2 1.0 10.8 7
Departures by Residents (1) 10.8 10.1 8.3 2.3 -3.7 6.3 5.4 7.6 7
Labor (1),(3)








Real Wage per Employee Post - Total 1.4 2.6 2.2 0.7 -5.0 2.7 3.1 0.6 6
Public Sector 1.6 0.0 0.4 1.3 -9.9 1.3 7.5 -1.4 6
Private Sector 1.3 3.3 3.2 0.0 -3.0 3.5 1.7 1.4 6
Employee Posts - Total 5.2 3.4 0.0 0.2 0.9 -0.1 1.1 2.1 6
Public Sector 4.0 2.4 3.6 -3.7 4.0 2.3 1.3 3.5 6
Private Sector 5.8 3.8 -1.5 2.1 -0.4 -1.2 1.1 1.5 6
Work Seekers via Labor Exchange (monthly average, thousands) 114.6 143.0 156.2 154.5 153.2 156.3 160.2 158.3 6
Foreign-Worker Permits (monthly average, thousands) 94.8 92.4 79.9 79.8 80.4 77.2 72.0 74.6 6
Immigrants (thousands) 70.8 66.1 56.7 14.7 16.8 13.9 15.3 36.7 7










Prices and Exchange Rates








Consumer Price Index (during) (4) 10.6 7.0 8.6 1.8 4.4 -1.4 1.1 6.3 8
CPI excl. Housing, Fruit & Vegetables (during) (4) 10.1 6.7 8.5 0.5 5.5 -0.4 0.7 6.5 8
Index of Real Housing prices (during) (4) 2.4 0.5 0.2 1.3 -1.2 -3.5 0.9 0.1 8
Exchange Rate NIS/$ (average)(4) 5.0 7.9 18.2 4.9 8.6 -3.5 1.4 13.3 8
Exchange Rate NIS/Basket (average)(4) 2.9 3.7 20.6 6.5 9.9 -5.5 0.1 13.7 8
Bank of Israel Reserves ($ billions, end-period) 11.4 20.1 22.7 21.7 22.7 22.0 21.9 21.8 8
Tax Revenue (1)








Tax Revenue - Total 2.0 4.5 1.7 8.4 -10.7 4.5 2.0 2.0 8
Income Tax - Net -3.5 12.1 -3.6 5.5 -12.3 7.1 6.2 -4.4 6
Value Added Tax - Net 3.5 1.6 1.8 16.5 -13.4 14.8 -12.1 4.8 8
on Imports 1.1 -4.5 3.5 -6.4 10.8 -2.5 1.2 6.6 8
on Domestic Production 8.0 1.3 4.0 17.9 -11.4 16.8 -13.0 4.8 8
Import Taxes excl. V.A.T -1.7 -4.8 -3.3 -5.3 4.9 1.0 -5.1 8.6 8
Taxes on Property - Net -9.4 -19.9 -5.1 -21.2 47.0 -1.0 -20.5 -1.8 6










Government Budget (NIS billions, current prices)








Deficit(-)/Surplus(+) excl. Net Credit -14.3 -9.9 -12.2 -1.8 -7.6 -1.6 -3.9 -6.6 8
Receipts excl. Credit 106.0 120.3 128.7 32.3 32.0 35.2 32.3 91.0 8
Government Expenditures excl. Credit 120.3 130.2 140.9 34.1 39.7 36.8 36.2 97.5 8
Total Injection(-)/Absorbtion(+) -6.5 -2.2 -1.9 0.7 -2.3 -1.1 -1.2 -2.5 8



Notes:

1. Real percent change
2. Percent change in dollar terms.
3. Excl. WB&GS workers.
4. During the period. August 1999 compared to August 1998.

Source for this publication: Bank of Israel, Central Bureau of Statistics, Employment Service, Ministry of Construction and Building, Ministry of Finance.





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