March 24, 2026 | 09:45 pm
TEMPO.CO, Jakarta - The Israeli economy has suffered a loss of over US$57 billion, equivalent to about Rp 961 trillion, during two years of conflict in Gaza, according to reports from Bloomberg and Anadolu on Monday.
Data in the Bank of Israel's 2025 annual report shows the country lost 177 billion shekels, or about US$57 billion. This figure is equivalent to 8.65% of its annual gross domestic product (GDP) between 2023 and 2025.
The losses were largely due to the attacks on Gaza, which included Israeli military actions in Lebanon.
The report does not cover the economic impact of the war with Iran, which has entered its fourth week. Israel launched an initial attack on February 28, assisted by the United States, and faced retaliatory strikes from Iran.
Earlier this month, the Israeli Cabinet approved a 2026 state budget revision, adding US$13 billion to fund military operations.
The report also notes a shift in trading patterns, with exports to eight European Union countries critical of Israel decreasing by US$1 billion in 2024 and US$1.5 billion in 2025.
"This pattern may indicate that political positions are influencing export volumes to these countries," the central bank reported.
The report added that the 12-day war with Iran last June reduced Israel's economic output by 0.3% of its GDP.
Israel launched military operations in Gaza in October 2023, killing at least 72,000 Palestinian citizens, injuring about 172,000 others, and destroying around 90% of civil infrastructure.
Despite a ceasefire last year, Israeli forces continue to kill hundreds of Palestinian citizens in Gaza.
Read: Israeli Media: US Sets April 9 Deadline to End Iran War
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