Matanyahu Engelman/State Comptroller Spokesperson
The credit expenditure data published by the Sheba company show that in January 2024, the fourth month in which the war is ongoing, the business activity of the economy was a pleasant surprise when it recorded strong data with a 6.2% increase in the spending of the Israeli public on credit cards compared to January 2023.
During January 2024, the spending of the Israeli public using credit cards for a total amount of NIS 41.733 billion.
This is the second highest month in terms of expenses recorded in Sheba's systems, during which there was an increase in Israeli expenses of more than 2.422 billion shekels compared to January 2023, when the total expenses on credit stood at 39.311 billion shekels.
The average daily amount of expenses in January 2024 was NIS 1.346 billion and was 6.3% higher than the average daily amount in December 2023 which was NIS 1.267 billion.
The highest daily expenditure average was recorded in August 2023 and was NIS 1.363 billion.
There was also an increase in the amount of spending online: in January 2024, there was a 4.9% increase in the amount of spending in online transactions compared to January 2023. The total spending in online transactions reached the amount of 24.726 billion shekels in the past month compared to the amount of 23.577 billion shekels recorded in January 2023.
January of recovery: "The Israeli economy returns to almost full activity"/ShutterStock
The average daily expenditure in online purchases recorded an increase of 12.3% in January compared to December 2023: in the first month of 2024, the average daily expenditure in online transactions was NIS 797.5 million compared to the amount of NIS 710.2 million in the last month of 2023. The amount of daily expenditure in online purchases in January broke the record The previous one set in July 2023 was NIS 779.1 million, an increase of more than NIS 18 million and 2.3%.
Increase in the volume of physical purchases: The volume of purchases in physical transactions increased by 8.1% compared to January 2023. In January 2024, a volume of expenses of approximately NIS 17 billion was recorded in physical transactions carried out in the businesses themselves, this is an increase of 8.1% compared to the amount of NIS 15.734 billion recorded in January 2023 .
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VP of the Sheba company, Tali Hollenberg: "The Israeli economy continues to display extraordinary strength and it was able to adapt to the war situation very quickly.
The activity of the economy in January was certainly a pleasant surprise and we saw that the Israeli economy is returning to almost full activity when certain industries such as food of all kinds, pharmaceuticals, clothing and footwear, and electricity and electronics, are growing and putting pressure on the tourism industries, which are recovering, but are still affected by the war.
The high expenses on credit are also related to the fact that the intensity of the war is decreasing and we are seeing the return to routine and work of those who were released from the reserve service."
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