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Tax Revenue is Down

The government deficit in Israel stood at 0.6% of GDP at the end of May, after government revenue in the past year fell short of expenditures by 10.7 billion shekels, according to Treasury data published today. The deficit in May alone stood at 4.4 billion shekels. However, since the start of 2023, the government has a budget surplus of approximately 13 billion shekels, far from the deficit ceiling of 2.75%. It is estimated that 2023 will end with a deficit between 1.1% and 1.5%.

In May, revenues of approximately 36.4 billion shekels were recorded, and since the beginning of the year, revenues of 197.7 billion shekels were recorded. This represents a decrease of about 8 billion shekels, or 4.2% compared to the same period in 2022, however, this decrease is effectively sharper due to inflation eroding the value of money. Focusing on tax revenue, there is a nominal decrease of about 10 billion shekels, reflecting a real decline of 8% from the beginning of the year in tax revenue. However, looking at May alone, the decrease is sharper, standing at about 10% compared to 2022.

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