Data from Bank of Israel

The Bank of Israel's composite state-of-the-economy index is a synthetic cyclical indicator for examining the direction in which real economic activity is moving, in

real time.

The index was calculated from the monthly changes in five components that reflect different aspects of real economic activity: the index of manufacturing production; imports, excluding capital goods; trade and services revenue; the number of employee posts in the business sector; and goods exports (excluding agriculture, fuel, diamonds, and ships and aircraft). From February 2006 the index has a revised format––it now incorporates another element, services exports (tourism and other services: software, R&D, consultancy, and real estate intermediation).

STKI has found correlation between the change in the index and its IT spending forecasts.