Title: Israeli Budget Deficit Reaches 10 Billion Shekels

The Israeli Ministry of Finance announced today, Sunday, that it recorded a budget deficit of 10 billion shekels (2.7 billion dollars) in May, citing increased spending due to the war with Hamas in Gaza. Over the past twelve months, the deficit rose to 7.2 percent of GDP in May, compared to 7 percent in April, surpassing the target of 6.6 percent for the entire year of 2024. Spending on the war, which began last October, has reached 70 billion shekels. However, tax revenues surged by 19.3 percent in May, and tax income increased by 0.3 percent during the first five months of 2024. The ministry noted that due to the Passover holiday in April, approximately 5 billion shekels of tax payments were deferred to May.