In video: damage caused to houses in Kiryat Shmona after rockets were launched/Eli Ashkenazi
The geographic data of business activity indicates that the cities of Kiryat Shmona and Shlomi suffered the most severe damage to business activity with more than a 75% decrease in expenses in the 16th week of the war (January 21 to 27), on the other hand, the city of Sderot continues the recovery trend and closes the month January with a 60% drop in spending compared to an average week before the war.
It can also be concluded from the summary of the data that the cities based on domestic tourism, Tiberias and Eilat, continue to suffer significant economic damage, and even in the 16th week they stand for a 20% and 32% (respectively) decrease in credit card spending in the city compared to the pre-war average figure.
Against the background of the decrease in the intensity of the war, the return of the reserve forces to the economy and the students to the campuses, business activity in the cities of Jerusalem and Tel Aviv reflects a recovery in the second half of January.
From the consequences of the war: businesses on the northern border were hit harder than businesses in the south/ShutterStock
"Tourist cities are far from recovery"
Tali Hollenberg, Sheba's VP of Marketing, Business Development and Sales:
"Expenditure figures by geographic segmentation give a clearer indication of the impact of the war on the Israeli economy and where aid should be directed to businesses and Israelis who are still far from returning to normal.
Eilat and Tiberias, two cities based on Israeli domestic tourism and foreign tourism, are affected by the beginning of the war in the way of a sharp decrease in the scope of their expenses, and even in the 16th week they are still far from recovery.
We have seen in recent weeks that there is a close connection between the intensity of the war and the expenses, and therefore the decrease in expenses in the northern cities, Kiryat Shmona and Shlomi, is higher than in the city of Sderot and its adjacent areas, where there is already a partial return of residents to the settlements.
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Closed restaurants, Kiryat Shmona, January 2, 2024/Reuven Castro
"Central cities with higher activity than before 7.10"
"Also the release of the reserves and their return to the workplace has a positive effect on the economy and accelerates the return to normality, and so in cities like Tel Aviv and Jerusalem, which have both a significant workforce and a large volume of students, we see that the expenditure figures are similar to the pre-war averages.
"Another positive point is that in most of the cities of the center, Shefala and Sharon, the volumes of activity recorded in the weeks from the beginning of January 2024 are higher than the average they had before the war."
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