JERUSALEM, Nov. 8 (Xinhua) -- The Israeli government's 12-month budget deficit surged to 47.2 billion shekels (12.28 billion U.S. dollars), or 2.6 percent of its GDP, according to the country's Finance Ministry on Wednesday.
The deficit figure, which refers to the period between November 2022 and October 2023, was affected by the Israel-Hamas conflict broke out on Oct. 7, compared to the 27.4-billion-shekel 12-month deficit reported a month ago.
For a year-over-year comparison, the Israeli budget recorded a surplus of 8 billion shekels between November 2021 and October 2022.
In October alone, Israel's monthly budget expenditures increased by 32.3 percent year-on-year to 54.9 billion shekels, while revenues decreased by 16.4 percent to 32 billion shekels.
The deficit in October stood at 22.9 billion shekels, compared to a monthly deficit of 3.1 billion shekels in October 2022.
The ministry noted that the rise in expenditures mainly resulted from war expenses and prepayments made to suppliers, local authorities, and individuals to bolster the Israeli economy during the conflict.
At the same time, there was a decrease in tax revenues, partly attributed to the government's decision to defer payments to ease the financial burden on businesses and households during the challenging period. ■
