May-June macroeconomic data show no sign recession is ending
By Moti Bassok
July 30, 2002
The economic figures for May and June, published yesterday by the
Central Bureau of Statistics, do not indicate that the economy is
pulling out of the recession as was expected.
While industrial production went up in the first five months, itself
a positive marker, the economy as a whole is still in deep recession.
Industrial production went up 4 percent in May (in annual terms
compared to the previous month) after a 5 percent climb in April,
3 percent in March, 2 percent in February and 1 percent in January.
The number of tourist overnights fell 18 percent in June, continuing
the downward trend since October 2000.
Sales in the large retail stores, which account for about one-quarter
of the retail industry, fell 2 percent in June and 2-3 percent in
December through May.
Import of industrial equipment went up an impressive 22 percent
in June, after a 20 percent jump in May, 12 percent climb in April
and 3 percent rise in March.
In June exports fell 3 percent, the same figure as in May, after
falls of 4-5 percent a month between December 2001 and April 2002.
The trade deficit grew to $364 million in June, or $4.37 billion
in annual terms.