Israel's Fischer: conflict costing economy

Israel's conflict with Hizbollah is costing the economy up to 1 billion shekels a week and will push up the budget deficit by 0.6 percent this year, Bank of Israel governor Stanley Fischer said on Wednesday 3 August.

"The direct hurt to the economy due to the war in the north will be 0.7 to 0.9 percent of GDP," Fischer told a news conference, once the fighting had lasted a month.

Fischer said the Israeli economy was losing 750 million to 1 billion shekels ($227.3 million) each week the fighting