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Over half of businesses in Israel suffer severe revenue loss due to war: Survey

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Over half of businesses in Israel suffer severe revenue loss due to war: SurveyNovember 2, 2023

Jerusalem, Nov 2 (IANS) About 51 per cent of businesses in Israel have suffered more than 50 per cent loss in revenue as a result of the raging war between the Jewish nation and Hamas, according to a survey.

The survey published by the country’s Central Bureau of Statistics sampled some 1,680 companies with five or more employees, representing 68,495 businesses in Israel, and described the loss of more than half of a company’s revenue as severe, reports Xinhua news agency.

The bureau noted that the main causes that affected businesses during the escalation were a drop in product and service demands, workers’ absence, security restrictions, school closure, and supply and transportation difficulties.

It said that about 57 per cent of small businesses, which employ five to 10 workers, reported “severe loss”, compared to only 14 per cent among large businesses with more than 250 jobs.

It also showed that more than 70 per cent of businesses in construction and the food and beverage sectors reported severe revenue loss.

Additionally, about 37 per cent of businesses reported that over 80 per cent of their employees did not attend work, causing a “complete cessation of business activity”.

More than 62 per cent of the businesses in construction were temporarily closed or nearly closed, in contrast to only four percent in the hi-tech and financial services sectors.

The survey added that 42 per cent of small businesses reported a shutdown danger due to workers’ absence, compared to about 15 per cent of large businesses.

–IANS

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https://ians.in/detail/over-half-of-businesses-in-israel-suffer-severe-revenue-loss-due-to-war-survey–20231102133543/

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