Budget deficit up 50% in 2012

The deficit rose to NIS 22.1 billion in January-October from NIS 14.5 billion in the corresponding months of 2011.

The budget deficit was NIS 2.9 billion in October 2012, the Ministry of Finance reported today. The deficit on domestic activities was NIS 2.3 billion and the deficit on foreign activities was NIS 600 million.

The deficit rose to NIS 22.1 billion in January-October from NIS 14.5 billion in the corresponding months of 2011. The deficit in the original budget was set at NIS 18.3 billion, 2% of GDP.

Government spending totaled NIS 23.8 billion in October and NIS 188.1 billion in January-October, 8.2% more than the NIS 173.9 billion spent in the corresponding months of last year. Spending by civilian ministries was 10.2% higher and defense spending was up 3%. The original budget for 2012 set the spending increase, compared with 2011, at 4.9%.

Tax revenues rose to NIS 17.5 billion in October from NIS 15.5 billion in October 2011. Tax revenues rose to NIS 182.6 billion in January-October from NIS 175.8 million in the corresponding months.

Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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