We continue to revise our 2014 and 2015 economic growth forecasts downward
The composite state-of-the-economy index remained stable in July compared to June. However, there was a slowdown compared to previous months, which were characterized by moderate growth of 0.1% - 0.2% per month. The slowdown stems from, among other things, the initial effects of the security situation against the backdrop of Operation Protective Edge, and from the continued weakness in international trade activity. Contributing to the decline in the composite index this month were the declines in industrial production, in services exports caused by the drop in incoming tourism, in the import of consumption goods and manufacturing inputs, and in construction starts. On the other hand, the export of goods increased, in contrast to the trend in previous months.
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