Over half of businesses in Israel suffer severe revenue loss due to conflict: survey

JERUSALEM, Nov. 1 (Xinhua) -- About 51 percent of businesses in Israel suffered over 50 percent loss in revenue as a result of the ongoing conflict between Israel and Hamas, according to a survey published by the country's Central Bureau of Statistics on Wednesday.

The survey sampled some 1,680 companies with five or more employees, representing 68,495 businesses in Israel, and described the loss of more than half of a company's revenue as severe.

The bureau noted that the main causes that affected businesses during the escalation were a drop in product and service demands, workers' absence, security restrictions, school closure, and supply and transportation difficulties.

It said that about 57 percent of small businesses, which employ five to ten workers, reported "severe loss," compared to only 14 percent among large businesses with more than 250 jobs.

It also showed that more than 70 percent of businesses in construction and the food and beverage sectors reported severe revenue loss.

Additionally, about 37 percent of businesses reported that over 80 percent of their employees did not attend work, causing a "complete cessation of business activity."

More than 62 percent of the businesses in construction were temporarily closed or nearly closed, in contrast to only four percent in the hi-tech and financial services sectors.

The survey added that 42 percent of small businesses reported a shutdown danger due to workers' absence, compared to about 15 percent of large businesses.