Israel budget deficit soars in October due to Gaza war expenses, revenue dip

Israel recorded a budget deficit of 22.9 billion shekels ($6 billion) in October, the Finance Ministry said on Wednesday, citing a spike in expenses to fund Israel's war with Hamas militants in the Gaza Strip. Israel's deficit in September was 4.6 billion and in October 2022 it was 3.1 billion. ($1 = 3.8494 shekels)

Israel recorded a budget deficit of 22.9 billion shekels ($6 billion) in October, the Finance Ministry said on Wednesday, citing a spike in expenses to fund Israel's war with Hamas militants in the Gaza Strip. As a percentage of GDP, the deficit over the prior 12 months rose to 2.6% in October from 1.5% in September, it said.

The ministry noted that revenue fell 15.2% last month due to tax deferments and lower social security income as a result of the war that began on Oct. 7. Israel's deficit in September was 4.6 billion and in October 2022 it was 3.1 billion.

($1 = 3.8494 shekels)