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Events
Databanks
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Argentina databank Jul 25 -
Brazil Economics databank Jul 15
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Central America databank Jul 31
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Chile databank Jul 17
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China databank Mar 21
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Colombia databank Aug 1
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Ecuador databank Jul 22
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Gulf Countries databank Aug 1
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Hungary databank Jul 21
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India databank Jun 26
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Mexico databank Jul 1
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Panama databank Jul 17
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Peru databank Jun 27
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Philippines databank Jul 8
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Poland databank Jul 16
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Russia Economics databank Jul 11
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South Africa databank Jul 11
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Turkey databank Apr 24
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Ukraine databank May 12
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Venezuela databank Jul 7
COUNTRY INSIGHTS
Israel cuts bond issuance in August, suggesting fiscal pressures remain contained
ISRAEL · In Brief · 31 Jul 2025
The Israeli Ministry of Finance plans to raise only NIS 5 billion in tradable bonds in August, through just two weekly auctions. This reduced issuance pace - partly due to summer seasonality -suggests the government does not expect a significant fiscal deterioration beyond its current deficit tar...
Temporary contraction in economic activity in June due to the war; slowdown unlikely to affect monetary policy
ISRAEL · In Brief · 30 Jul 2025
Summary of key findings The Bank of Israel’s composite index fell by 0.67% in June, due to the war with Iran. The decline reflects a temporary slowdown in economic activity, especially in private consumption and employment. Despite the recent slowdown, we expect the interest rate to remain unchan...
Israel’s June labor market update: broad unemployment jumps, but labor market remains tight
ISRAEL · In Brief · 22 Jul 2025 · 1 response
According to preliminary figures released yesterday by the Central Bureau of Statistics, the broad unemployment rate in Israel surged to 10.0% in June, largely due to the two-week war with Iran. The number of people absent from work due to the war reached 295 thousand while the number of military...
Israel’s political crisis and its fiscal implications for 2025–2026
ISRAEL · In Brief · 18 Jul 2025
Prime Minister Netanyahu’s government lost its parliamentary majority this week, after the two ultra-Orthodox parties—Shas and United Torah Judaism—announced their resignation from the government. The move came after the coalition failed to submit a draft law that would exempt most ultra-Orthodox...
Israel's June CPI surprised to the upside: +0.3% m/m, 3.3% y/y - lowering chances of a near-term rate cut
ISRAEL · In Brief · 17 Jul 2025
The June CPI surprised on the upside, rising by 0.3% month-on-month at the upper end of market expectations—and pushing annual inflation up to 3.3%, from 3.1% in May. Food and housing remained the main drivers of the increase, each rising by 0.7% and 0.6%, respectively. Core services also increas...
Israel’s post-war economic outlook: uncertainty eased, risks remain
ISRAEL · Report · 14 Jul 2025
The 12-day war between Israel and Iran ended with significant damage to Iran’s nuclear infrastructure and missile capabilities without escalating into a broader regional conflict. For Israel, the outcome represents a meaningful improvement in its geopolitical standing and a substantial reduction ...
Israel's fiscal deficit holds at 5.0% of GDP in June, but risks remain
ISRAEL · In Brief · 10 Jul 2025 · 1 response
The Ministry of Finance reported a fiscal deficit of NIS 16.4 billion ($4.888 billion) in June, with the trailing 12-month deficit unchanged at 5.0% of GDP. In September 2024, the budget deficit had peaked at 8.5% of GDP. Tax revenues in June were disappointing, falling 6% in real terms and at co...
The rate decision – July 7, 2025: no cut, hawkish tone, but 50bp expected no later than Q4 2025
ISRAEL · In Brief · 07 Jul 2025 · 1 response
The central bank of Israel kept its benchmark interest rate unchanged at 4.5% on July 7th, for the twelfth consecutive meeting. The decision was largely in line with expectations, even though a growing number of economists and market participants had anticipated a signal toward monetary easing.De...
Bank of Israel likely to hold rates steady, but easing expected in upcoming meetings, possibly as early as August
ISRAEL · In Brief · 07 Jul 2025
The Bank of Israel is expected to announce its key policy rate decision today (Monday, July 7). While we do not expect a rate cut at this meeting, there is a growing consensus that easing could begin as early as August. The sharp appreciation of the shekel (up ~9% since mid-April), a notable decl...
Shekel strength supported by fundamentals but may reflect short-term overshooting
ISRAEL · In Brief · 26 Jun 2025
Since the successful military operation against Iran, the shekel has strengthened by nearly 4.5% against the U.S. dollar, reaching its strongest level since the end of 2022. It has also been appreciated by 4.5% against the euro. Chart 1: ILS exchange rate vs USD, EUR, and nominal effective rate T...
Post-ceasefire economic update: recovery, risk, and resilience
ISRAEL · In Brief · 24 Jun 2025
After twelve days of fighting, during which the United States joined the attack on Iran’s nuclear facilities, a ceasefire came into effect that is likely to end the war. The war concluded with significant damage to Iran’s nuclear infrastructure and missile systems, without deteriorating into a br...
Israel’s economy at war: macro scenario amid the war with Iran
ISRAEL · Report · 18 Jun 2025
A conflict lasting several weeks is expected to cause a moderate contraction in GDP in Q2 and Q3 2025. Annual growth is projected to slow to just 0.3%. The fiscal deficit is expected to widen to 7% of GDP, driven by surging defense spending and a drop in tax revenues—pushing the debt-to-GDP rati...
Are financial markets in Israel predicting a near end to the war?
ISRAEL · In Brief · 17 Jun 2025
The Tel Aviv Stock Exchange extended its gains today, following Sunday’s 5.1% surge, with the TA-90 Index rising a further 0.82%. The advance came as Israeli military operations in Iran continued to progress, while rocket fire from Iran appeared to subside. Investor sentiment was further lifted b...
May CPI surprised to the downside, but inflation remains near 3% – rate cut unlikely due to geopolitical risks
ISRAEL · In Brief · 16 Jun 2025
May CPI surprises with a 0.3% drop, driven by a sharp fall in prices for trips abroad May CPI in Israel surprised to the downside, falling 0.3% month-on-month, driven primarily by a sharp 15.5% drop in overseas travel prices. This brought the annual inflation rate down to 3.1%, from 3.6% in April...
Israel’s war economy – economic outlook following the Iran strike
ISRAEL · In Brief · 14 Jun 2025
On June 13, 2025, Israel launched a major military operation inside Iranian territory, targeting nuclear sites, missile launch infrastructure, and senior military command centers. The strikes caused significant damage and reportedly killed several high-ranking Iranian officials and military offic...