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Finance Ministry deficit: NIS 14.9 billion compared to 1.9 last September

The Finance Ministry released information about the current budget, the deficit and the expenses of the current government during the COVID-19 pandemic on Monday.  The deficit for September was NIS 14.9 billion; in September 2019 it was NIS 1.9 billion. The state reports a loss of income from collected taxes and an increase in its spending. Hence the rapid growth of the deficit which is 9.1% of the GDP (NIS 123.5 b.) when calculated on the basis of the previous 12 months.  The state spent NIS 336.1 b. from the beginning of 2020, of which NIS 42.9 b. (12.8%) was spent by various ministries to deal with COVID-19. Only 74% of the state’s authorized COVID-19 total sum of NIS 57.9 b. was spent.While civic ministries and offices reported a 21.6% increase in spending, Israeli security-related expenses decreased by 0.5%.  Israel is making less money from taxes – minus 9.9% compared to 2019 – and reported an income of NIS 230 b. since the beginning of 2020.   

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