Israel’s budget deficit reaches NIS 12.1b in August

Israel’s budget deficit reached NIS 12.1 billion in August 2024, with the year-to-date (YTD) deficit for fiscal year 2024 climbing to NIS 84 billion. This marks a sharp contrast to the same period in FY23, which had a surplus of NIS 0.3 billion. The cumulative 12-month deficit represents 8.3 per cent of GDP, amounting to NIS 161.4 billion.

Expenditures from January to August 2024 increased by 31.8 per cent, including war-related spending. Excluding war expenditures, the growth stood at 8.0 per cent compared to the same period in 2023. Revenues grew by 4.0 per cent over the same period, with tax revenues rising by 4.8 per cent.

Attribution: Macro and Budget Division at the Accountant General’s office report 

Subediting: M. S. Salama