The reduction in productivity in the last quarter of 2008, the fall in sales to domestic and international markets has put industry at a 30 year low
A survey which surveyed 166 industrial companies, published last week by the economics department of the Manufacturers Association of Israel ( MAI ) show that the decline in production worsened in the second half of 2008.
According to MAI the reduction in productivity in the last quarter of 2008, the fall in sales to both the domestic and international markets, and the level of layoffs has put industry at a 30 year low.
The survey found that 68% of Israeli manufacturers reported a drop in production for the third quarter. Only 17% manufacturers reported an increase, 64% of those interviewed reported a fall in sales, while only 18% reported a small rise; 59% of those interviewed reported a fall in export sales, while 19% reported a rise; even in industrial investment in fixed assets there was a fall for the first time in five years.
Earlier last week the Manufacturers Association said that about 650 industrial workers were fired during September and October. All the workers were in traditional sectors: 370 employees in the food and beverage industry; 190 employees in textiles and fashion; 130 in plastics and rubber; and 110 employees in the electronic assemblies sector.