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Israel's budget deficit more than doubles within month

Tan KW
Publish date: Fri, 09 Jun 2023, 10:20 AM
Tan KW
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JERUSALEM, June 8 -- The Israeli government's 12-month budget deficit more than doubled in a month, according to new figures issued by the Israeli Ministry of Finance on Thursday.

The deficit climbed from 4.9 billion shekels (1.34 billion U.S. dollars) in April to 10.7 billion shekels in May, according to the ministry.

The data also showed that the Israeli government's total tax revenues declined by a real rate of 7.8 percent year-on-year in the first five months of 2023.

The decline was mainly due to a sharp decrease in the collection of real estate taxes by 38.8 percent year-on-year during January-May, and a decrease of 12.3 percent in VAT collection.

After a surplus recorded at the end of February, the government's 12-month budget has since turned into red.

Gad Lior, senior analyst for the Yedioth Ahronoth daily newspaper, told Xinhua that the slowdown in Israel's housing market due to the high base interest rate and the decrease in private consumption resulting from the inflation rise have contributed to the decline in tax collection.


  - Xinhua


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