CURRENT ACCOUNT DATA FOR Q3 2019

December 17th , 2019.
Bottom line: The current account surplus in the third quarter, at $3.9bn, was $300m. less than that in the second quarter. Although each of the four components of the current account (see below) declined compared to the second quarter, the net change was marginal, demonstrating how a large surplus has become a stable feature of the Israeli economy. This surplus also explains the strength of the Israeli shekel – and it is set to increase in 2020, when natural gas exports from the Leviathan field begin.

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Budget data for January-November 2019

8th December 2019   Bottom line: Good news on the fiscal front?! At the least, the November data contained no bad news, which is already a relative improvement. However, the surplus reported is only ‘technical’, with the true result being a deficit (see below). Nevertheless, the 12-month trailing deficit through November was stable at 3.6% of GDP and revenues rose […]

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2019年1月から11月までの予算データ

結論
財政面での朗報か?!少なくとも11月のデータに悪い状況を示すものはなく、相対的に改善したと言えよう。ただし、剰余金が報告されているがこれはあくまでも計算上のもので、実際には赤字である(以下参照)。それにもかかわらず、11月までの直近12ヶ月の赤字はGDPの3.6%で安定しており、収益の対GDP占率は増加した。

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Consumer, Producer and Housing Prices in October 2019

November 21st, 2019
Bottom line: Both the CPI (Consumer Price Index) and the MPPI (Manufacturing Producer Price Index for the Domestic Market) rose in October, in line with expectations. However, the underlying trend has decisively changed over recent months: the annual rate of increase in the CPI, which had begun to rise in late 2017 (from negative levels), peaked around 1.5% in mid-2019 and has since declined to around 0.5%. 

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2019年10月時点の消費者、生産者、住宅価格状況

消費者物価指数(CPI)は国内市場の製造業生産者物価指数(MPPI)とともに10月、予想に沿って上昇した。しかしここ数カ月、基調に決定的な変化が見られる。 2017年後半にマイナス水準から上昇し始めた消費者物価指数の年間増加率は、2019年半ばをピークに約1.5%に達し、その後約0.5%まで低下した。

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