Increasing losses to Israel's economy due to the war on Gaza

2/20/2024, 6:01:13 PM

Highlights: Israel's economic losses have continued since the beginning of its forces' aggression against the Gaza Strip in mid-October 2023. Reports estimated the expected cost of this war at $56 billion, including the army budget and compensation. Construction sector losses amounted to $644 million per week, and the labor shortage in the construction fields reached more than 140,000 workers. Analysts expected that the rate of contraction in the Israeli economy would reach 1.5% if the war continued until the end of the year. The budget deficit for the fiscal year 2023 would reach more than 18.5 billion dollars.

Israel's economic losses have continued since the beginning of its forces' aggression against the Gaza Strip in mid-October 2023.

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Israel's economic losses have continued since the beginning of its forces' aggression against the Gaza Strip in mid-October 2023.

Reports estimated the expected cost of this war at $56 billion, including the army budget and compensation, while construction sector losses amounted to $644 million per week, and the labor shortage in the construction fields reached more than 140,000 workers.

Reports indicate that Israelis' income has decreased by 20% since the beginning of the war, investments in the technology sector have declined to 15%, and last year's tax revenues are expected to shrink by 8.4%.

Analysts expected that the rate of contraction in the Israeli economy would reach 1.5% if the war continued until the end of the year, and that the budget deficit for the fiscal year 2023 would reach more than 18.5 billion dollars.