The switch to Daylight Savings Time this Friday will save the economy up to NIS 120 million, according to estimates by the Federation of Israeli Chambers of Commerce (FICC) and the Manufacturers Association of Israel.
"The switch to Daylight Savings Time for 191 days will save the economy about NIS 120 million," said Moshe Cohen, chairman of the Manufacturers Association's Energy Committee.
The savings, Cohen said, would stem from a 0.6 percent reduction in the daily consumption of electricity, mainly due to a predicted decrease in the usage of light during additional daylight hours.
More than half of the economic savings are a result of savings in electricity costs, which are estimated at NIS 73m.
The country will switch to Daylight Savings Time at 2 a.m. on Friday (after midnight on Thursday), when clocks will be moved forward one hour.
According to the FICC, the Daylight Savings Time switch will save the economy NIS 70m. Lower cost of production, a rise in worker productivity and higher sales during daylight hours will significantly contribute to the economy's overall higher efficiency.
The FICC said every extra hour of daylight would yield NIS 500,000 in savings.
According to FICC chief economist Israela Mani, for the majority of the general public, Daylight Savings Time, which comprises about 130 workdays out of the year, "signifies an improvement in the quality of life measure, due to a rise in free time and the convenience of being able to shop during more light hours per day."