The fiscal deficit climbed to 8.5 percent of gross domestic product (GDP), or NIS 8.8 billion ($2.3 billion) in September, as the government continues to pour billions of shekels into financing the year-long war with Hamas and Hezbollah, according to preliminary figures released by the Finance Ministry.
It marks the sixth month the deficit is above the annual government target of 6.6% of national output set for the end of 2024. Israel posted a budget deficit of 4.2% in 2023.
The deficit widened from 7.6% of GDP in June, 8.1% in July and 8.3% in August, amid growing military and civilian spending on the ongoing war.
In September, government expenditure amounted to NIS 51 billion ($13.5 billion), taking spending since the start of the year to about NIS 450 billion ($120 billion), a cumulative increase of 31% compared with the same period in 2023. War costs since the outbreak of the fighting in October last year ballooned to NIS 103.4 billion ($27 billion).
Help us report truthfully on social media
As a multimedia journalist, my job is to take the quality, fact-based journalism produced by The Times of Israel newsroom and make it accessible across every platform — from Instagram posts to podcasts to short-form videos.
This is how many, especially young people, consume news these days. But misinformation is rampant on social media. Our team at ToI produces accurate, responsible short-form reporting on Israel and the Jewish world.
If you believe in the importance of factual social media journalism, please consider joining our reader support group, The Times of Israel Community. Your financial support is essential to sustain responsible multimedia reporting.
— Gabriella Jacobs, multimedia journalist
Support our work
Support our work
Already a member? Sign in to stop seeing this
You're a dedicated reader
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you,
David Horovitz, Founding Editor of The Times of Israel
Join Our Community
Join Our Community
Already a member? Sign in to stop seeing this
From the Liveblog of
Thursday, October 10, 2024
Add ToI as a Preferred Source on Google
