BREAKING NEWS

At 3.8%, deficit continues to shrink

AUGUST 7, 2013 13:14

The deficit in the 12 months ending in July continued a downward trend, coming out at NIS 36.4 billion or 3.8% of GDP, the Finance Ministry announced Wednesday.

Down from a peak of 4.65% in February, the shirking deficit will be welcome news for Finance Minister Yair Lapid; his good showing in the January election followed outrage over the swollen 2012 deficit, which at 4.2% was over double its original target.

The fall in the deficit stems mostly from higher taxes. Because no budget had been passed yet, spending through July was automatically set on a monthly basis to mimic the 2012 budget.

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