Sun. Oct 13th, 2024

The war on Gaza posed great challenges to the Israeli economy, and its repercussions began to be revealed in various aspects of economic and social life and the labor market, amid the decline in GDP and negative growth.

According to data from the Israeli Central Bureau of Statistics, GDP growth in Israel in 2023 stopped at a low rate of 2% and recorded a negative growth of 0.1% per capita during the last quarter of 2023, compared to a growth of 6.5% in 2022.

Imports of goods and services in 2023 decreased by 6.9% after rising by 12% in 2022, and exports of goods and services in 2023 decreased by 1.1% following an increase of 8.6% in 2022.

The food sector also saw an increase in the consumer price index by about 12% of the consumer basket, which is affected by changes in the availability of raw materials, goods and the labor component, as well as changes in production technologies, according to an analysis by the Research Division of the Bank of Israel.

The income of 19.7 percent of Israeli citizens has been affected since the beginning of the war, and 45.5 percent fear that their economic conditions will deteriorate due to the war, according to a report by the Israeli organization Latit.

In the real estate sector, 2023 recorded a decline in the number of houses and real estate sold, as it ended last year with the sale of approximately 66,590 apartments, a decrease of 34.9% compared to 2022, according to the Israeli Central Bureau of Statistics.

 

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