In the month of October, we drew less on our credit card.
Because of the holidays or the first signal of a slowdown in the economy? (Photo: ShutterStock)
Holidays or economic slowdown?
What is behind the relatively weak data presented by the month of October, which was mostly also the month of holidays this year?
Data from the SBA company, which manages and develops the national credit card payment system, indicates that the growth in spending by the Israeli public using credit cards in October 2022 experienced a slowdown, according to SBA analysis - due to the lack of working days during the Tishrei holidays.
Spending in October amounted to NIS 35.671 billion, a figure that represents a small increase of 1.3% compared to October 2021. By the way, in October 2020, during which the second lockdown took place and there were restrictions on economic activity due to the corona virus, spending on credit cards amounted to 25.89430.184 billion NIS and in October 2019 the total expenses reached NIS 27.797 billion.
SBA Vice President, Ronit Tishler Pitti.
I believe that the minority of working days in the month of October is what led to the weak data (photo: Yehcat)
Too many vacations or too little money?
The equally interesting statistic is the work because for the first time since April 2020 a 2% decrease in expenses in online transactions was recorded in October 2022.
The volume of cash withdrawals from bank ATMs also decreased by 5% and amounted to NIS 5.21 billion.
SBA Vice President, Ronit Tishler Piti
, does not believe that the weak figure can be attributed to the slowdown in the economy.
According to her: "The lack of working days in October hurt the business activity."
It will be interesting to continue to follow the fluctuations of this sensitive seismograph, which reflected an important aspect of economic activity.
The October data can still be attributed to the holidays, but if the trend continues even into the month of November, the month of the "shopping holidays", it will reflect that the downturn in the global economy has also reached the relatively stable Israeli economy.
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Shaba
credit cards
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