The country's switch to Daylight Savings Time early Friday will save the economy up to NIS 90 million, according to estimates by the Federation of Israeli Chambers of Commerce and the Manufacturers Association.
"Summertime will save the economy NIS 60m. as a result of electricity savings, an increase in labor productivity and an increase of sales during additional daytime hours," said Yehezkel Daskal director-general of the FICC.
Daskal added that the continued recovery in the country's economy expected this year will increase the benefits of summertime savings.
Similarly, Moshe Cohen, Chairman of the Energy Committee at the Manufacturers' Association calculated that, in the 183 days of the summertime period, the economy would save between NIS 80m. and 90m.
Israel switched to Daylight Saving Time this morning, at 2 am, when clocks were moved forward one hour.
The economics department of the FICC estimated that, on average, the weekly income in the business sector stands at NIS 16 billion based on a total average working day of 10 million hours and average week of 55 million hours. Every hour of additional daylight will add NIS 420,000 during the summertime months, it said.
Nearly half of the savings are a result of savings in electricity costs, which are estimated at NIS 45m.
Furthermore, the additional daytime hours were expected to lead to increased output levels, increase in labor productivity in factories and the economy as a whole, less car accidents and better income and living standards.