More than $41bn deficit in Israel’s budget over past 12 months

This picture taken on August 23, 2022 shows a view of the exterior of the headquarters of the Bank of Israel, the country’s central bank, in Kiryat Ben-Gurion in Jerusalem [AHMAD GHARABLI/AFP via Getty Images]

The Israeli Ministry of Finance revealed that the budget deficit over the 12 months ending in October amounted to 154 billion shekels ($41.6 billion).

The ministry confirmed that the deficit amounted to 7.9 per cent of the gross domestic product (GDP).

This came in a statement issued by the Ministry of Finance, at a time when Israel continues its genocidal war in the Gaza Strip, continues to attack the occupied West Bank and expanded its bombing campaign into Lebanon.

The financial deficit in the 12 months to the end of September had amounted to 8.5 per cent of the gross domestic product, or 165.8 billion shekels ($44.8 billion).

The Bank of Israel’s research department expects a fiscal deficit of 7.2 per cent of GDP for 2024, while the government expects a deficit of 6.6 per cent for 2024.

Israel has turned to global debt markets more than once to obtain the liquidity needed to finance war expenses and cover the budget deficit, according reports by the Anadolu news agency.

READ: Israel budget deficit rises to 7.2%

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