The Israeli fiscal deficit has shrunk for the first time since the beginning of the war. Finance Ministry Accountant General Eli Rotenberg reported today that the deficit in the 12 months to the end of October this year amounted to 7.9% of GDP, or NIS 154 billion.
In the 12 months to the end of September, the fiscal deficit reached 8.5% of GDP, or NIS 165.8 billion. The decline in the fiscal deficit comes after 18 consecutive months of increases.
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The Finance Ministry has long estimated that the deficit will peak in September and then decline somewhat after that. This is because the surge in government spending in October last year when the war broke out has fallen below the 12-month figures. Finance Minister Bezalel Smotrich estimates that his ministry will succeed in reducing the deficit within the target of 6.6% of GDP by the end of 2024.
However, the Bank of Israel’s research department expects a fiscal deficit of 7.2% at the end of 2024.
Published by Globes, Israel Business News – en.globes.co.il – on November 11, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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