Today: 9 May 2025
7 December 2020
1 min read

Israel’s annual budget deficit sets record

The deficit figure, between December 2019 and November 2020, accounts for 11.1 per cent of Israel’s GDP, much higher than the government’s target of 3 per cent..reports Asian Lite News

Israel’s annual budget deficit reached a record of $46.2 billion, said a report published by the Ministry of Finance.

The deficit figure, between December 2019 and November 2020, accounts for 11.1 per cent of Israel’s GDP, much higher than the government’s target of 3 per cent, Xinhua news agency quoted the report as saying on Sunday.

The report explained that the deficit rise was mainly caused by the government spending to prevent the spread of the coronavirus, treat patients, and support the Israeli economy to deal with the crisis.

The report also noted that since March, there has been a decline in tax revenues, which has also contributed to the deficit rise.

For the first 11 months of 2020, the Israeli budget deficit reached 136.4 billion shekels, compared with 37.3 billion shekels in January-November last year.

In November, the deficit totalled 13.7 billion shekels, compared to a budget surplus of 500 million new shekels recorded in November 2019.

The Israeli government revenues in January-November 2020 amounted to only 285.8 billion shekels, a sharp decrease of 9.5 percent compared with the same period last year.

In addition, since the beginning of 2020, government expenditures have totalled 422.2 billion shekels, of which 59.2 billion shekels were intended to deal with the pandemic, which has so far infected 344,906 people in Israel, while 2,917 others have died.

This is an increase of 19.5 per cent compared with total expenditures in January-November 2019.

Also read:Lebanon seeks int’l negotiation in border dispute with Israel

Previous Story

World economy Lost $1 Tn to Cyber Attacks: Report

Next Story

Pak Squad set to leave isolation post negative results

Latest from -Top News

UAE, Uganda forge closer ties 

President of Uganda received H.H. Sheikh Abdullah bin Zayed; both countries have deepened ties with strategic agreements in energy, investment and digital innovation  In a significant diplomatic engagement aimed at expanding bilateral

Macron backs Syria sanctions shift 

 Diplomatic outreach, sanctions, reconstruction, and sectarian unrest shape Syria’s complex new chapter.  In a landmark visit signalling Syria’s first re-engagement with a European capital in over a decade, French President Emmanuel Macron

Singapore lauds UAE field aid

A Singaporean delegation visited the UAE Floating Hospital in Al-Arish, where they toured its various departments and were briefed on the medical and humanitarian services provided to patients arriving from the Gaza

Leaders hail new Pope

The UAE President expressed hope that the pontiff’s tenure would advance global harmony, peace, and interfaith understanding President His Highness Sheikh Mohamed bin Zayed Al Nahyan has extended warm congratulations to Cardinal

UAE calls for calm

Sheikh Abdullah bin Zayed Al Nahyan, UAE’s Minister of Foreign Affairs, urged Inda and Pakistan to “exercise restraint” and avoid further escalation that could imperil regional and global peace The United Arab
Go toTop