Israel budget deficit dips to 7.9%/GDP in Oct despite higher war expenses
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FILE PHOTO: People shop at Carmel Market (Shuk Hacarmel) amid the ongoing conflict between Israel and Hamas, in Tel Aviv, Israel February 8, 2024. REUTERS/Susana Vera/File Photo
JERUSALEM (Reuters) - Israel posted a budget deficit of 11.2 billion shekels ($3.0 billion) in October, the Finance Ministry said on Monday, citing high expenses to finance the wars with the Palestinian Islamist militant group Hamas in Gaza and Hezbollah in Lebanon.
The deficit for the 12 months to October dipped to 7.9% of gross domestic product, from 8.5% in the 12 months to September, compared to a target of 6.6% for all of 2024. The ministry said that despite the decline, the deficit will exceed 6.6% in 2024.
Spending on the wars, which began last October, has topped 106 billion shekels.
Tax revenue rose 21.3% in October is up 4.2% over the first 10 months of 2024.
($1 = 3.7279 shekels)
(Reporting by Steven Scheer; Editing by Ros Russell)
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