Bank Hapoalim: Israel Consumer Confidence Index weakens for second month

The Index slid to 134.7 in June from 135 in May. The Israeli economy grew an annualized 3.6% in the first three months of 2010
 
Bank Hapoalim reported last week that Israel’s consumer confidence index eased for the second consecutive month in June. In a joint statement with TNS Teleseker, Bank Hapoalim noted that the Israeli Consumer Confidence Index slid to 134.7 in June from 135 in May.
 
Bank Hapoalim added that the latest index is similar to the levels that prevailed since August 2009. “This level is still one of the highest registered and in itself supports economic growth,”.
 
“In our opinion, maintaining the Consumer Confidence Index at a high level for an eleven month period reflects the relatively positive condition of the Israeli economy, but there is still uncertainty regarding the future”.
 
The Israeli economy grew an annualized 3.6% in the first three months of 2010, slower than 4.5% in the final quarter of last year.
 
The economy grew for the fourth straight quarter. The Bank of Israel had raised its growth forecast for 2010 to 3.7% from the earlier forecast of 3.5%.