Israel’s Fiscal Deficit Rises to 7.2% in May 2024
Israel’s fiscal deficit in May rose to 7.2% of GDP, or -137.7 billion Shekels ($37 billion), reported the Ministry of Finance.
TPS-IL News Agency 10.06.2024
Cumulative 12-month deficit (% of GDP): The budget deficit was 10 billion Shekels ($2.65 billion) for May 2024.
Year to Date cumulative deficit for Financial Year (FY) 2024 was 47.6 billion Shekels ($12.7 billion) -vs 13 billion Shekels ($3.46 billion) surplus over the same period in FY23.
The increases in the deficit and the debt are clearly the result of both increase spending and drops in tax revenue caused by the now eight month long war against Hamas terrorists in Gaza.
Image - Flash90
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