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Israel budget deficit increases to 8.5% of GDP in September

Middle East News

2024-10-10 | 06:04

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Israel budget deficit increases to 8.5% of GDP in September

Israel posted a budget deficit of 8.8 billion shekels ($2.34 billion) in September, the Finance Ministry said Thursday, citing high expenses to finance the wars with the Palestinian militant group Hamas in Gaza and Hezbollah in Lebanon.

The deficit for the 12 months to September rose to 8.5% of gross domestic product, from 8.3% in the 12 months to August, compared to a target of 6.6% for all of 2024.

Spending on the wars, which began last October, has topped 103 billion shekels ($27.35 billion).

The Bank of Israel on Wednesday estimated the deficit would ease to 7.5% of GDP by year-end.

Tax revenue rose 9.6% in September and is up 2.6% over the first nine months of 2024.

($1 = 3.7663 shekels)

Reuters

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