The Ministry of Finance today published an initial estimate of the deficit and the budget performance in January-July 2017. According to the report, the deficit in the government's budgetary activity was NIS 200 million. The total deficit in January-July was NIS 9.2 billion, compared with NIS 2.6 billion in the corresponding period last year.
The budget deficit for the 12 months ending July was 2.6%, up from 2.1% at the end of 2016 but short of the government target of 2.9%.
Government spending (excluding repayment of the principal on the government's debt) totaled NIS 29.8 billion in July, including NIS 27.4 billion in spending by government ministries, NIS 2 billion in interest on the government's debt, and NIS 400 million in repayment of principal and interest to the National Insurance Institute.
Spending by government ministries (excluding repayments of principal and interest) totaled NIS 170.3 billion in January-July, 9.2% more than in the corresponding period last year. Spending by civilian ministries was up 7.3%, while defense spending rose 16%.
Tax revenues totaled NIS 28.2 billion in July and NIS 176.9 billion in January-July, 4.9% more in nominal terms than in the corresponding period last year.
Published by Globes [online], Israel Business News - www.globes-online.com - on August 6, 2017
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