Ongoing war costing economy some $600 million per week: Bank of Israel

The ongoing war with the Hamas terrorist group has cost the Israeli economy an estimated NIS 2.3 billion ($600 million) per week, equivalent to about 6 per cent of GDP, as reported by the Bank of Israel. This cost is attributed to factors such as the mobilisation of reserve soldiers, the evacuation of residents in affected areas, and the closure of the education system, which has made it challenging for parents to work. The breakdown of the cost includes NIS 1.25 billion due to the closure of educational institutions, NIS 590 million due to the absence of 144,000 evacuated residents, and around NIS 500 million due to the mobilization of approximately 360,000 reserve soldiers. The Palestinian Health Ministry says the number of Palestinians killed in Gaza has risen to 10,818. In its latest update Thursday, the ministry said the figure includes 4,412 children and 2,198 women. The vast majority have been killed in Israeli airstrikes that have pounded the enclave following Hamas’ assault on Israel.