Israel’s fiscal deficit continues to rise amid sharp decline in revenues

Israel’s fiscal deficit continued to rise in October, reaching 4.9 percent of GDP amid a sharp decline in public revenues, according to a report published by the Israeli newspaper Calcalist. 

The report said that the total deficit reached about $31.3 billion during the past 12 months, reflecting the widening gap between government spending and revenues.

Israel has an annual deficit of nearly 5.1% of GDP, the report says, quoting estimates from the Bank of Israel.