search
Front > News

Israel's fiscal deficit keeps widening

Minister of Finance Bezalel Smotrich credit: Danny Shem Tov Knesset Spokesperson
Minister of Finance Bezalel Smotrich credit: Danny Shem Tov Knesset Spokesperson
10 Dec, 2023 15:20
שלח תגובה במיילAharon Katz

Israel's fiscal deficit widened to 3.4% of GDP at the end of November 2023 and the Accountant General forecasts it will reach 4% by the end of the year.

Israel's fiscal deficit widened to 3.4% of GDP at the end of November 2023, amounting to NIS 62.3 billion over the past 12 months, the Ministry of Finance Accountant General Division reports. Israel's fiscal deficit was up from 1.5% at the end of September and 2.6% at the end of October.

With government spending growing since the start of the war and revenues shrinking, the fiscal deficit is expected to reach 4% by the end of 2023, when the original forecast in the budget, before the outbreak of the war, was just 0.9%.

In November alone the fiscal deficit amounted to NIS 16.7 billion compared with NIS 1.7 billion in November 2022. Since the start of the year the fiscal deficit amounts to NIS 43.8 billion.

In November 2023, government spending amounted to NIS 47 billion and has totaled NIS 445 billion since the start of the year. War expenditure alone amounted to an estimated NIS 5.8 billion in November.

Government revenues have amounted to NIS 401.5 billion since the start of 2023, down 6.2% from NIS 427.9 billion over the same period of 2022.

Published by Globes, Israel business news - en.globes.co.il - on December 10, 2023.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.

Minister of Finance Bezalel Smotrich credit: Danny Shem Tov Knesset Spokesperson
Minister of Finance Bezalel Smotrich credit: Danny Shem Tov Knesset Spokesperson
Avishai Abrahami credit: Alan Tzatzkin Cantor sees Wix as acquisition target

Cantor cites the Israeli company's attractive products, compelling financials and reasonable pricing.

Florentin becoming too expensive for many young people

Housing prices and rents in the southern Tel Aviv neighborhood are becoming as expensive as some of the more affluent northern parts of the city.

Spike missiles credit: Rafael Spokesperson Spain suspends deal for Rafael anti-tank missiles

The $310 million deal for the Spike missiles was signed in October 2023 with the Israeli company's Spanish subsidiary PAP Tecnos.

Elbit Systems tank turret systems credit: Elbit Systems Morocco mulls buying Elbit Systems turrets - report

Elbit is the leading candidate to supply Morocco with 105mm and 120mm turrets for the armored personnel carriers it has procured from the Indian Tata Corporation, India's "IDRW" website reports.

Zero Networks team credit: Avishai Finkelstein Israeli cybersecurity co Zero Networks raises $55m

At the core of Zero Networks’ approach is its agentless, automated solution that makes microsegmentation effective and stops ransomware by restricting network access to essential assets.

Dollars credit: Shutterstock Israeli startups raised $550m in May

Israeli startups have raised $3.15 billion in the first five months of 2025.

Lufthansa credit: Lufthansa PR Lufthansa announces further suspension of Israel flights

Aviation giant Lufthansa Group announced today that it is extending its cancellation of flights to Tel Aviv until June 22 (inclusive).

US friends buy six Jerusalem apartments for NIS 30m

A group of US Jewish friends have bought six apartments in presale in the Luria project in the Arnona Slopes neighborhood on land formerly belonging to Kibbutz Ramat Rachel.

Gali Baharav-Miara credit: Israel Bar Association spokesperson AG slams bill allowing political appointments to gov't cos

The bill would enable ministers to appoint political associates to senior positions in state-owned companies.

Stanley Fischer credit: MIT Former Bank of Israel chief Stanley Fischer dies

Fischer served as Governor of the Bank of Israel from 2005 to 2013 and as Vice Chair of the US Fed from 2014 to 2017.

United Airlines credit: Shutterstock Felix Tchvertkin United Airlines to resume Israel flights this week

The US carrier will operate flights between Tel Aviv and Newark, New Jersey from Thursday, June 5.

Nvidia CEO Jensen Huang and Mellanox founder Eyal Waldman credit: Reuters, Eyal Izhar Nvidia's Israeli growth engine delivers $5b quarterly revenue

Revenue growth of the networking division, largely based on Israeli acquisition Mellanox, is second only to the GPU division.

Richard Francis credit: Elad Malka Teva gives aggressive guidance for innovative drugs

The company sees revenue from its leading products doubling to $5 billion by 2030.

Ron Gura and Yonatan Bergman Photo: Empathy Israeli bereavement support co Empathy raises $72m

In the past four months, seven million individuals have received access to Empathy's LifeVault through partners like New York Life, Voya, Alfac, and more.

Leviathan gas rig credit: Albatross Israel's gas exports up 86% since 2021

Natural gas exports rose to 13.2 BCM in 2024, up from 11.6 BCM in 2023, Israel's Natural Gas Authority has reported.

Buildots founders credit: Eyal Izhar Israeli AI construction tech co Buildots raises $45m

The company is expanding its platform to cover more stages of the construction lifecycle, using historical data to optimize future project performance.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018