Israel’s fiscal deficit continues to rise amid sharp decline in revenues

Israel’s fiscal deficit continued to rise in October, reaching 4.9 percent of GDP amid a sharp decline in public revenues, according to a report published by the Israeli newspaper Calcalist. 

The report said that the total deficit reached about $31.3bn during the past 12 months, reflecting the widening gap between government spending and revenues.

Israel has an annual deficit of nearly 5.1 percent of GDP, the report says, quoting estimates from the Bank of Israel.