Israel's national budget deficit reached 10.1% of its gross domestic product GDP for the 12 months ending in October, the Finance Ministry said Monday.
According to the ministry, this figure represents a rise of about 1% from September. The cumulative deficit for January to October this year 122.7 billion shekels ($36.4 billion).
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The Finance Ministry's statement said, "Since March, the effects of the coronavirus pandemic have found expression in the performance of the Israeli economy and in fiscal operations.
"The crisis has had a substantial effect on both the revenue and spending sides. Government expenditure has risen, tax revenues have fallen, while the National Insurance Institute is no longer depositing surplus revenue, in order to maintain reserves for the coming months, in which the Institute is expected to have a cash flow deficit. As a result of all these factors, the deficit that needs to be financed has grown."
