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budget deficit target

Finance Ministry Bezalel Smotrich holds a press conference at the Finance Ministry in Jerusalem on November 4, 2025. (Yonatan Sindel/Flash90)
November 4, 2025, 7:34 pm
Unveiling 2026 budget, Smotrich fumes at excessive defense spending, mulls tax cuts
Finance Ministry officials criticize the Defense Ministry for inefficient spending practices at the expense of welfare and education; Smotrich seeks to impose a new tax on banks
By Sharon Wrobel
Prime Minister Benjamin Netanyahu, center, at the start of cabinet meeting meant to approve the 2025 state budget, October 31, 2024 (GPO)
November 3, 2024, 11:29 pm
Israel’s 2025 war budget squeezes disposable income of working-class households
Government drops plans to freeze welfare benefits and tax ‘advanced study’ funds, instead wants to raise National Insurance payments while barely cutting coalition funds
By Sharon Wrobel
Illustrative: New Israeli shekel bills, September 24, 2023. (Hadar Youavian/ Flash90)
October 10, 2024, 6:14 pm
Fiscal deficit climbs to 8.5% as state continues to shell out for war effort
Deficit climbs for sixth month above 2024 government budget ceiling of 6.6%, as spending on the war with Hamas and intense fighting with Hezbollah tops NIS 103 billion
By Sharon Wrobel
Finance Minister Bezalel Smotrich in Jerusalem, April 21, 2024. (Chaim Goldberg/Flash90)
September 24, 2024, 5:40 pm
Treasury is said to propose new taxes to bolster state coffers and finance war
Among the draft proposals for 2025 is freezing tax credits, taxing advanced study funds, reducing tax benefits on pension deposits, and increasing the tax on electric vehicles
By Sharon Wrobel
The empty Mahane Yehuda market in Jerusalem, at a time of heavy fighting between Israel and Hamas in Gaza, on October 8, 2023. (Noam Revkin Fenton/ Flash90)
September 8, 2024, 9:01 pm
Israel faces a looming financial crisis if it fails to act, former chief economist warns
Yoel Naveh sees high probability that Israel will be plunged into recession, endangering national security, in next three to five years if it fails to pass responsible 2025 budget
By Sharon Wrobel
Finance Minister Bezalel Smotrich speaks at a press conference in Jerusalem, Sept. 3, 2024. (GPO)
September 3, 2024, 5:42 pm
Smotrich presents 2025 budget plan, saying war is costing economy as much as NIS 250b
Meeting the deficit target of 4% set for 2025 will require measures including freezing public sector pay, but no tax hikes, finance minister says
By Sharon Wrobel
Minister of Finance Bezalel Smotrich speaks during a press conference in the southern Israeli city of Ofakim, July 24, 2024. (Liron Molodovan/Flash90)
August 27, 2024, 12:56 am
Facing backlash, gov’t okays NIS 3.4 billion in new spending for evacuees, reservists
Smotrich insists proposed budget expansion won’t push deficit past the 6.6% of GDP target set for the year, after it widened last month to 8.1% due to war-related outlays
By ToI Staff and Sharon Wrobel
Prime Minister Benjamin Netanyahu and Finance Minister Bezalel Smotrich during a cabinet meeting convened to approve the 2024 amended state budget, January 15, 2024. (Haim Zach, GPO)
August 19, 2024, 4:40 am
Netanyahu, Smotrich say they’ve agreed to pass 2025 state budget by year’s end
The two make the announcement after meeting without top Treasury officials who oversee the matter
By ToI Staff
Members of Prime Minister Benjamin Netanyahu's cabinet during a meeting to approve the amended 2024 budget, January 15, 2024. (Haim Zach/GPO)
August 13, 2024, 10:53 am
As politicians dither, Treasury prepping alone for NIS 25 billion cut to 2025 budget
Amid expectations for a delay in governmental approval of next year’s fiscal plan, Finance Ministry officials working on tax hikes and spending cuts to avert more rating downgrades
By Sharon Wrobel
Finance Minister Bezalel Smotrich in Jerusalem, April 21, 2024. (Chaim Goldberg/Flash90)
August 8, 2024, 7:07 pm
Fiscal deficit widens to 8.1% as state continues to shell out billions on war effort
Deficit climbs for fourth month above 2024 government budget ceiling of 6.6%, as spending on the war with Hamas reaches almost NIS 90 billion
By Sharon Wrobel
Shlomo Dovrat speaks to Channel 12 news on February 24, 2023. (Screenshot: Channel 12)
July 10, 2024, 7:37 pm
Top tech investor: ‘If Israel becomes less good to live in, people will leave’
Shlomo Dovrat warns weakness of state institutions and lack of sense of security threaten Israel’s tech standing in the global arena and its prospects for economic growth
By Sharon Wrobel
Finance Minister Bezalel Smotrich leads a Knesset faction meeting of his far-right Religious Zionism party, July 10, 2023. (Chaim Goldberg/Flash90)
August 8, 2023, 10:07 pm
Fiscal deficit swells to 1% as tax income drops and government expenditure grows
Figures show government spending has increased 6.8% since the start of the year, while state income from taxes fell 4.3% year-on-year, led by sharp drop in real estate taxation
By Sharon Wrobel
Finance Minister Bezalel Smotrich attends a press conference at the Finance Ministry in Jerusalem on May 14, 2023. (Noam Revkin Fenton/Flash90)
July 9, 2023, 6:13 pm
Israel’s fiscal deficit widens to 0.9% in June; property tax income at 2-year-low
Figures show government revenue from real estate taxation slumped 56%; government expenditure jumps 6.9%
By Sharon Wrobel
An illustrative photo of the Tel Aviv financial business district skyline. (Elijah Lovkoff via iStock by Getty Images)
May 16, 2023, 7:24 pm
Finance Ministry cuts economic growth forecasts as tax revenue and investments cool
Treasury revises 2023 growth forecast down to 2.7% from 3% as economic slowdown will lower tax revenue this year by NIS 5.3b; sees judicial uncertainty affecting foreign investment
By Sharon Wrobel
Finance Minister Bezalel Smotrich (left) presents the state budget at the Finance Ministry, in Jerusalem, on February 28, 2023. (Yonatan Sindel/Flash90)
April 24, 2023, 9:33 pm
Israel likely to miss 2023 deficit target as tax revenue drops amid judicial jitters
Bank Hapoalim and Meitav investment house project budget deficit to reach 3% of GDP; Treasury has set deficits of about 1% in 2023 and 0.8% in 2024
By Sharon Wrobel
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