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Israel's annual budget deficit hits record $46.2bn

Israel's annual budget deficit reached a record of $46.2 billion, said a report published by the Ministry of Finance. The deficit figure, between December 2019 and November 2020, accounts for 11.1 per cent of Israel's GDP, much higher than the government's target of 3 per cent, Xinhua news agency quoted the report as saying on Sunday.

The report explained that the deficit rise was mainly caused by the government spending to prevent the spread of the coronavirus, treat patients, and support the Israeli economy to deal with the crisis. The report also noted that since March, there has been a decline in tax revenues, which has also contributed to the deficit rise.

News source ~ Social News