Israel’s budget deficit records NIS11.2b in Oct
Israel’s budget deficit reached NIS 11.2 billion in October 2024, bringing the year-to-date (YTD) cumulative deficit to NIS 104.1 billion, a significant increase compared to NIS 26.9 billion in the same period of 2023, according to a government report on Monday.
Over the past 12 months, the total deficit amounted to NIS 154.1 billion, or 7.9 per cent of GDP.
Cumulative expenditures from January to October 2024 grew by 26.3 per cent year over year (YoY), largely due to war-related spending. Excluding these costs, expenditure growth was 6.9 per cent. Revenue growth, primarily from taxes, increased by 7.4 per cent compared to the previous year.
In October, total revenue was NIS 41.3 billion, with tax revenues contributing NIS 36.6 billion. Expenditures, excluding credit, amounted to NIS 52.5 billion. Ministries’ spending climbed 28.8 per cent year-to-date to NIS 444.9 billion, while interest expenses rose by 14.4 per cent to NIS 34.4 billion.
Attribution: Israel Ministry of Finance report
