US$1.15 billion gone in just 1 week due to war-triggered worker absence in Israel

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Dollars
Israel losses 1.15bln USD

Israel lost about 4.6 billion shekels (around 1.15 billion U.S. dollars) in its economic output last week after its war with Hamas resulted in the absence of a large number of workers, the Manufacturers Association of Israel (MAI) estimated on Tuesday.

The MAI estimated that nearly 30 per cent of the country’s workforce, or about 1.3 million people, missed work from Sunday to Thursday last week. They included reserve soldiers, parents who had to care for their children after schools and kindergartens were closed, and others who were unable to reach their workplaces due to road closures.

The group said the estimate did not include other significant losses that would only be assessed after the war, such as the damage of factories from rocket attacks, reduced profits, cancelled deals, schedule delays, and currency devaluation.

“The war is a severe blow to the Israeli economy, and we will have to be strong and united to get through the crisis,” said MAI President Ron Tomer.

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