Israel sees $50.4 billion budget deficit in 2020 — largest in history

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Israel sees $50.4 billion budget deficit in 2020 — largest in history
Amid severe economic conditions caused by pandemic, Finance Ministry also forecasts GDP contraction of 3.3%
By TOI staff
11 January 2021

Israel’s budget deficit for the year 2020 was its highest ever, at NIS 160.3 billion ($50.4 billion), or 11.7 percent of its GDP, the Finance Ministry said Monday. The huge deficit — some three times higher than that of 2019 — was expected, due to the severe economic effects of the coronavirus pandemic. Percentage-wise, the deficit is one of the highest in the world, expected to be surpassed only by those of the US, Canada, the UK, Iceland, and Australia, the Ynet news site reported. Despite the soaring deficit, the Finance Ministry reported that GDP only dropped by some 3.3% — a better state of affairs than had been feared.

more............. https://www.timesofisrael.com/israel-sees-50-4-billion-budget-deficit-in-2020-largest-in-history/
 
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