Israeli economy recovered quickly from the effects of the Omicron wave: 4.3% increase in average daily credit card expenditure

Data from the Automated Banking Services Company, director of the national credit card payment system, shows that the Israeli economy recovered quickly from the effects of the Omicron wave in January and already in February there was a 4.3% increase in average daily credit card expenditure to NIS 1.136 billion. The record amount in the daily expenditure on credit cards was recorded in November 2021 and stood at NIS 1.205 billion.
The data also show that spending in February 2022 is high compared to the data of February 2021, during which the third closure took place and restrictions were imposed on economic activity due to the corona crisis. Total expenses on credit cards in February 2022 amounted to NIS 31,799 billion, an increase of 16.7% compared to the total amount of expenses in February 2021, which was NIS 27.244 billion.
Another interesting statistic concerns the comparison between the average daily expenditure on physical transactions made at the business and against expenditure incurred online. According to the ISA, expenditures on physical transactions increased in February 2022. The average daily expenditure on physical transactions was NIS 469.423 million, compared with an average daily amount of NIS 430.410 million in physical transactions in January 2022.
This is an increase of 9.1%. Total expenses in physical transactions in February 2022 amounted to NIS 13,144 billion, an increase of 20.3% compared to February 2021, when total expenses in physical transactions amounted to NIS 10,929 billion.
In contrast, the average daily expenditure on online transactions in February 2022 was NIS 666.246 million, 1.2% higher than in January 2022, during which the average daily expenditure on online transactions was NIS 658,666 million. Total online spending in February 2022 amounted to NIS 18,655 billion. This is an increase of 14.3% compared to February 2021.
Eitan Lev Tov, CEO of Automated Banking Services: “For the fifth time, during the period of the Corona crisis, we saw in February how the economy is recovering rapidly from a period of declining business activity against the background of an increase in morbidity. The increase in spending on physical transactions indicates that the Israeli public returned to malls, shopping centers, restaurants and markets during February. "