Israel Budget Deficit Spikes with Gaza War Expenses
12/10/2023 2:58:42 PM
Israel registered a budget deficit of 16.6 billion shekels ($4.5 billion) in November, the Finance Ministry said on Sunday, citing a jump in expenses to fund Israel's two-month old war with Hamas militants in the Gaza Strip.
As a percentage of GDP, the deficit over the prior 12 months rose to 3.4% in November from 2.6% in October, it said.
A ministry source said the deficit for 2023 would end around 4% of GDP.
The ministry noted that revenue fell 15.6% last month, partly due to tax deferments as a result of the war that began on Oct. 7.
Israel's deficit in October was 22.9 billion shekels and in November 2022 it was 1.7 billion.
As a percentage of GDP, the deficit over the prior 12 months rose to 3.4% in November from 2.6% in October, it said.
A ministry source said the deficit for 2023 would end around 4% of GDP.
The ministry noted that revenue fell 15.6% last month, partly due to tax deferments as a result of the war that began on Oct. 7.
Israel's deficit in October was 22.9 billion shekels and in November 2022 it was 1.7 billion.