Israel's double-digit budget deficit swells to highest in decades

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Jan. 11, 2021
The Israeli government’s budget deficit swelled to 11.7% of gross domestic product in 2020, its biggest by that measure in 35 years, as the government spent record amounts to cope with the coronavirus pandemic, the Finance Ministry said Monday.
The figures, which added up to 160.3 billion shekels ($50.4 billion), was also 9% bigger than the global average for fiscal deficits last year. It was the first time since the 1980s that Israel posted a double-digit deficit. The record was set in 1984 when it reached 14% of GDP.
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