The Finance Ministry had projected a deficit of NIS 45.65 billion, but tax collection was higher and spending lower than planned.
The Ministry of Finance today reported that the fiscal deficit totaled NIS 33.2 billion in 2013, NIS 12 billion less that the ministry's preliminary forecast of NIS 45.65 billion. The deficit was NIS 13.7 billion in December 2013.
The Ministry of Finance says that the estimate is provisional, but that no major changes are expected in the deficit items or its financing. However, some changes are possible in the internal classification, and in expenditures and revenues.
The 2013 deficit of NIS 33.2 billion amounts to 3.15% of GDP, under the new methodology. The difference between the deficit and the projected deficit in the original budget is due to NIS 5.7 billion in higher than projected revenues, and NIS 6.7 billion in lower than projected expenditures.
Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2014
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