Rising prices soon?
The effects of the war in Ukraine on the Israeli economy
The CBS report states: 32% of businesses in Israel were adversely affected as a result of the Russian invasion of Ukraine. The damage is in a variety of industries: industry, construction, trade, hotels and more.
Between Ashkenazi
08/05/2022
Sunday, 08 May 2022, 12:55 Updated: 13:06
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To what extent does the war that Russia declared on Ukraine harm business in Israel?
An examination by the Central Bureau of Statistics shows that about 32% of businesses in the business sector in the construction industry, retail trade, hotels and services, were affected to some extent by the war situation that began in Europe during February.
It also shows that about 9% of businesses in the industry indicated that the war between Russia and Ukraine greatly affected their economic activity, these businesses belong mainly to the food production and metal products industries.
The report also shows that the impact on economic activity is higher in small businesses with up to 100 employees, compared with large businesses with more than 250 employees.
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An area hit by bombings in Ukraine.
The economic shock reaches as far as Israel (Photo: Reuters)
The main damage: rising prices of raw materials
Yet the most significant impact of the war is on rising raw material prices.
For example, about 29% of all businesses that participated in the survey reported that following the war, the prices of the raw materials they use "increased to a large extent or to a very large extent."
In the construction and hotel industries, the situation is even worse: more than 37% of businesses indicated that following the war, the prices of the raw materials used by their company have risen to a great or very great extent.
In addition, more than 35% of businesses in the manufacturing industry indicated that the rise in prices of metal and aluminum had the most severe impact on their company's economic activity.
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