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Israel’s budget deficit climbs

Israel’s budget deficit was 8.1 percent of its gross domestic product (GDP) in the 12 months until the end of July, equivalent to $2.2bn, according to preliminary figures from the Finance Ministry cited by The Times of Israel.

This is close to double the deficit it posted at the end of 2023, which was equivalent to 4.2 percent of its GDP and over Israel’s target deficit of 6.6 percent for 2024.

Israel has spent tens of billions on the war in Gaza since October, widening the deficit.

From 2023 to 2025, the total military and civilian costs of the war to Israel is projected to be 253 billion shekels ($67bn), Bank of Israel Governor Amir Yaron warned at the end of May.

Source: Al Jazeera