Israel's budget deficit widens to 6.4%

Benjamin Netanyahu, Yisrael Katz, pre-Covid-19 / Photo: Knesset spokesperson

The Ministry of Finance said that as of the end of June it had spent 47% of its promised NIS 10 million economic rescue package.

Israel's budget deficit has widened to 6.4% of GDP for the 12 months ending June 30, 2020, the Ministry of Finance reports, up from 6% at the end of May. The deficit has continued widening since the coronavirus crisis took hold - from 4.8% at the end of April, 4% at the end of March and 3.1% at the end of February. The deficit between July 2019 and June 2020 was NIS 88.4 billion.

Estimates are that by the end of 2020, the deficit could reach between 10% and 11%.

The Ministry of Finance said that as of the end of June it had spent 47% of its promised NIS 10 million economic rescue package.

Published by Globes, Israel business news - en.globes.co.il - on July 6, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Benjamin Netanyahu, Yisrael Katz, pre-Covid-19 / Photo: Knesset spokesperson
Benjamin Netanyahu, Yisrael Katz, pre-Covid-19 / Photo: Knesset spokesperson
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