How is Israel affected by the war in Gaza?
Occupying Israel is suffering huge losses from its bloody war in Gaza against civilians, especially women and children. Although Israel has reported that economic indicators have recovered after two months of attacks on the Gaza Strip, there is still no improvement in many areas.
The Israeli shekel fell to an 11-year low against the dollar
Israel's attacks on Gaza have caused the local currency to depreciate, with the Israeli shekel falling to an 11-year low against the dollar. Despite the Bank of Israel's October 9 announcement of a plan to sell up to $30 billion to stabilize the local currency, it was unable to prevent the shekel from falling.
The dollar to shekel rate increased from 3.83 on October 7 to 4 on October 30. The euro/shekel parity rose to 4.24 on October 30 from 4.08 in October.
Due to the intervention of the Bank of Israel in the foreign exchange markets, the dollar/shekel parity fell to an average of 3.72 at the end of last month. In addition, there was a decline in the stock market.
The tourism, real estate, labor market, and aviation sectors also suffered heavy losses following Israel's attacks on Gaza.
Tourism sector
Israel's attacks on the Gaza Strip caused the cancellation of flights to Tel Aviv. In October, the country's tourism activity decreased by 76% year- on -year.
About 89,700 tourists visited Israel in October, according to a monthly report from Israel's Bureau of Statistics. Most of these visits took place in the first week of October, before the attacks began. In October last year, 370,000 tourists came to Israel.
Although November's figures have not yet been released, the numbers are expected to drop sharply.
A viation
Flights to and from Tel Aviv's Ben Gurion International Airport have dropped by an average of 80 percent since the attacks began, according to a statement released Nov. 6 by secret -flight tracking source Secret Flights.
Ben Gurion Airport, which had about 500 flights a day before the attacks, saw an average of 100 flights a day in the first month after the attacks.
Israel has been scrambling to persuade international airlines that have suspended flights to and from Tel Aviv since the start of the Gaza offensive.
On November 29, KAN state television reported that the manager of the National Airline, Udi Bar Oz, held talks with representatives of more than 120 foreign airlines and encouraged them to resume flights to and from Israel.
Oz said the average daily flight traffic at Ben Gurion Airport is 200, including international, domestic, private and cargo flights.
Since the attacks on Gaza began, Israeli airlines, as well as B AA's Etihad Airways and Flydubai, China's Hainan, Russia's "Azimut" airlines continue to fly to Israel.
Labor market
Israel has lost 950,000 workers since its attacks on Gaza began on October 7. Thousands of people were reported unable to reach their workplaces in Jewish settlements around the Gaza Strip and on the Lebanese border in the north.
In addition, since the attacks, more than 178,000 Palestinian workers have been unable to reach their workplaces in Israel and settlements.
In addition to the loss of Palestinian workers to the Israeli economy, 350,000 Israeli workers and employees left their jobs and joined the army to participate in attacks in the Gaza Strip and conflicts along the Lebanese border.
According to the Israeli Ministry of Labor, about 46,000 Israeli workers were laid off because of the war.
Currently, 18 % of the 760,000 working people are not working because they are in the army reserve, live near the Gaza Strip, or have children at home.
In addition, according to the information provided by Globes, an Israeli economic website, some of the 20,000-25,000 Asian workers, most of whom worked in agriculture, quit their jobs due to the attacks, and some returned to their countries.
Real estate sector
The real estate sector is also suffering from Israel's attacks on Gaza.
There were approximately 178,000 Palestinian workers in Israel's real estate sector. About 90,000 of them did not return to work when the attacks began.
The real estate sector also lost value on the Israeli stock exchange. Compared to the attacks on Gaza in late November, it has decreased by more than 8 percent.
Source: TRT Haber
