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Israel budget deficit widens further amid war to 8.3% of GDP in August

Israel-Gaza War Updates

09-09-2024 | 11:33

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Israel budget deficit widens further amid war to 8.3% of GDP in August

Israel posted a budget deficit of 12.1 billion shekels ($3.24 billion) in August, the Finance Ministry said on Monday, citing high expenses to finance the war with the Palestinian Islamist militant group Hamas in Gaza.

The deficit for the 12 months to August rose to 8.3% of gross domestic product, from 8.0% in the 12 months to July, compared to a target of 6.6% for all of 2024.

Spending on the war, which began last October, has reached some 97 billion shekels.

The ministry said the deficit will continue to increase through the third quarter before moving back to its target.

Tax revenue rose 8.1% in August is up 1.9% over the first eight months of 2024.

($1 = 3.7384 shekels)

Reuters

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Israel-Gaza War Updates

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