The absence of many workers from their jobs due to the ongoing war with the Hamas terrorist group has been costing the Israeli economy about NIS 2.3 billion ($600 million) per week, or about 6% of GDP, according to a research report by the Bank of Israel.

The report measures the weekly cost in the first three weeks of the war, which broke out on October 7, and attributes the decline in labor supply to the mass mobilization of reserve soldiers, the evacuation of residents in the south and the north, and the closure of the educational system, which makes the work of parents difficult.

The cost estimate breaks down into NIS 1.25 billion due to the complete closure of educational centers, NIS 590 million due to the absence from work of 144,000 residents evacuated from war-affected areas, and about NIS 500 million due to the mobilization of some 360,000 reserve soldiers.

The central bank says that the partial opening of the education system in recent days may reduce the cost.