Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Local Syrian sources: The village of Al-Thala in the western countryside of Sweida was subjected to mortar shelling, with explosions heard in the area.
Occupied Palestine: Very violent Israeli raids target Tal al-Zaatar in Jabalia, north of the Gaza Strip.
Occupied Palestine: 15 martyrs were recovered as a result of the ongoing Israeli raids on the city of Beit Lahia and the Jabalia camp in the northern Gaza Strip.
Al Mayadeen's correspondent in occupied Palestine: More than 300 martyrs and 500 wounded in three days of ongoing Israeli raids on the Gaza Strip.
Occupied Palestine: The occupation aims to ethnically cleanse the Sultan area near the Zikim settlement.
Occupied Palestine: The IOF is besieging a school housing displaced persons in the Al-Sultan area, north of the Gaza Strip.
Occupied Palestine: Dozens of martyrs and wounded, mostly children and women, in Israeli raids on the northern Gaza Strip.
Al Mayadeen's correspondent in occupied Palestine: The Israeli occupation is committing genocide in Beit Lahia, north of the Gaza Strip.
Occupied Palestine: The Indonesian hospital is filled with martyrs and wounded after the IOF bombed homes in northern Gaza.
Occupied Palestine: IOF aircraft targeted a tent on Al-Madrasa Street in the Al-Mashrou area, west of Khan Younis, in the southern Gaza Strip

'Israel's' budget deficit surges amid the aggression on Gaza

  • By Al Mayadeen English
  • Source: News websites
  • 12 Dec 2023 10:35
  • 3 Shares
4 Min Read

"Israel" reports a budget deficit of 16.6 billion shekels ($4.5 billion) for November, according to the Finance Ministry.

  • x
  • Israeli Prime Minister Naftali Bennett speaks during a press conference on economic issues, in occupied al-Quds, Tuesday, July 6, 2021 (AP)
    Israeli Prime Minister Naftali Bennett speaks during a press conference on economic issues, in occupied al-Quds, Tuesday, July 6, 2021 (AP)

"Israel" reported a budget deficit of 16.6 billion shekels ($4.5 billion) for November, according to the Finance Ministry. The surge in expenses attributed to funding "Israel's" war on Gaza played a pivotal role in this fiscal setback.

The deficit, as a percentage of GDP, rose to 3.4% in November, reaching 62.3 billion shekels over the previous 12 months, compared to 2.6% in October, as per Reuters.

A source within the Finance Ministry indicated that the projected deficit for 2023 is expected to conclude at approximately 4% of GDP, surpassing the targeted 0.9% set at 16.9 billion shekels in the budget approved by lawmakers in May.

The Ministry highlighted a 15.6% decrease in revenue last month, partly attributed to tax deferments resulting from the war that commenced on October 7. November's revenue hit 30.3 billion shekels, marking the lowest monthly level of the year. Cumulatively, revenue for the first 11 months of the year reached 401.5 billion shekels, representing a 6.2% decline from the same period in the previous year.

In the broader context, the ongoing aggression is anticipated to impact growth in 2023 and 2024. Both the Ministry and the Central Bank project growth at 2% for this year and 1.6% and 2%, respectively, for 2024.

Expenses surged to nearly 47 billion shekels, with approximately 6 billion attributed to the war. This contributed to an 11.5% increase in January-November spending, totaling 445.3 billion shekels.

Comparatively, "Israel's" deficit was 22.9 billion shekels in October and 1.7 billion shekels in November 2022.

Related News

YAF target Israeli Ben Gurion Airport with ballistic missile

UN rejects US-backed Gaza aid plan over neutrality concerns

In a recent development, parliament preliminarily approved a war budget last week, proposing an additional 30 billion shekels for war-related spending in the remainder of 2023. However, final approval for the plan is still pending.

Read more: War costs a lot of money that we spend every day: Netanyahu

'Israel' witnesses economic regression

Last week, Bloomberg reported that "Israel's" entry into the wartime economy has left businessmen struggling to sustain their economic activities. The news agency reported that Israeli companies are facing shortages across the board due to the deployment of about 300,000 people, or 8% of the workforce, for military service.

The collapse of budgetary spending due to the war has severely impacted entertainment companies, and mass evacuations from war-affected areas in northern and southern occupied Palestine have increased economic disruptions.

The report stated that 57,000 Israeli companies will close their doors this year, compared to 42,000 companies in 2022, due to the damage caused by rising rates, inflation, and months of political unrest resulting from judicial amendments and protests, according to a survey conducted by "Coface BDI" for the Israeli business daily The Marker.

In a survey conducted by the Central Bureau of Statistics in "Israel", which was released in October, it was found that around 50% of Israeli companies experienced a significant drop in their revenues amid the aggression on Gaza. Notably, the construction and food services sectors were the hardest hit, with more than 70% of the surveyed companies reporting a revenue decrease of over 70%.

Small businesses were particularly hit hard, and "Israel" faced a shortage of workers as hundreds of thousands of Israelis were called up for reserve military service. About 11% of companies stated that 21% of their workforce had been called up for military service.

• 76% fall in tourism to Israel.
• 80% fall in flight activity at Tel Aviv airport.
• 950,000 jobs lost in Israeli economy.

Israel is now a pariah state.

— Tory Fibs (@ToryFibs) December 7, 2023

Read more: S&P downgrades 'Israel's' rating to negative citing 'war risks'

  • Gaza Strip
  • Operation Al-Aqsa Flood
  • Israel
  • Israeli economy
  • Israeli economic downturn
  • inflation
  • Israeli occupation
  • Gaza
  • oper

Most Read

A boy draped in a Palestinian flag carries a mock rocket during a weekly anti-US and anti-Israeli rally in Sanaa, Yemen, Friday, May 9, 2025 (AP)

Yemen announces hypersonic missile strike on Ben Gurion Airport

  • Politics
  • 9 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
President Donald Trump, left, greets Israeli Prime Minister Benjamin Netanyahu at the White House, Monday, April 7, 2025, in Washington (AP)

US pressures 'Israel' for Gaza deal; Witkoff's Israeli rebuke leaked

  • US & Canada
  • 9 May 2025
Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Syria's interim president, Ahmad al-Sharaa, listens during a joint press conference with French President Emmanuel Macron after a meeting at the Elysee Palace in Paris on May 7, 2025 (AP)
Politics

Israeli, Syrian officials met secretly in Baku: Report

Israeli settlers lay on the ground as sirens sound amid the detection of a Yemeni missile, May 15, 2025 (Social media)
Politics

Yemeni missile halts Ben Gurion airport activity: Israeli media

500,000 Syrian refugees return since regime change
Politics

500,000 Syrian refugees return since regime change

Iranian Foreign Minister Abbas Araghchi, left, speaks with his Emirati counterpart Sheik Abdullah bin Zayed al-Nahyan during their meeting, in Abu Dhabi, United Arab Emirates, Monday, May 12, 2025 (AP)
Politics

Iran’s Araghchi: West chose talks after failing militarily

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS