section_path: Impacts/Economic impact
section_name: Economic impact
paragraph_text: Economic impact
  
  The Bank of Israel estimates that by 2025, the war will have cost the country US$ 67 billion, notwithstanding a $14.5 billion US aid package, part of the $22.76 billion the US has so far allocated for military assistance.
  
  As early as 9 November 2023, the Bank of Israel reported that the drop in labor supply caused by the war was costing the Israeli economy $600 million a week, or 6% of weekly GDP. The bank also stated that the estimate did not include damage caused by the absence of Palestinian and foreign workers. In the final quarter of 2023, the Israeli economy shrank by 5.2% quarter-to-quarter due to labor shortages in construction and from the mobilization of 300,000 reservists. While Israel did still see economic growth of 2%, this was down from 6.5% growth in the year before the war. Consumer spending declined by 27%, imports declined by 42% and exports declined by 18%.
  
  Israel's high-tech factories reported in December that recent bureaucratic obstacles with electronic imports from China had led to higher import costs and delayed delivery times. Israeli officials also reported that China had refused to send workers to their country during the war against the backdrop of a worker shortage in Israel's construction and farming sectors. China's actions were described as a de facto sanction.
  
  The 3,500-member Water Transport Workers Federation of India said it would refuse to operate shipments carrying weapons to Israel. The declaration came a few months after one Indian company halted production of Israeli police uniforms due to the war in Gaza.
  
  About 9,855 Thai workers in the agricultural sector, 4,331 workers in the construction sector and 2,997 in the nursing sector left Israel following the 7 October attack. In addition, the prevention of 85,000 Palestinian workers from entering Israel created a shortage of about 100,000 foreign and Palestinian workers.
  
  It has been calculated that the carbon cost in terms of climate impact of rebuilding Gaza would exceed the annual greenhouse emissions of 135 countries.