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In the Shadow of Concern Concerns: Record Data for the Economy in July
State tax revenues continue to break the pre-corona record, private consumption is climbing and the economic data of the Israeli economy - including declining government spending, continue to reduce the deficit and cause the Treasury's ambitious target: a deficit of 6.8% at the end of 2021 and 3.9% at the end of 2022.
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Avigdor Lieberman
Ram Blinkov
Ministry of Finance
The Accountant General
Deficit
Sonia Gorodisky
Sunday, 08 August 2021, 13:45 Updated: 14:09
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The declining trend in the deficit continues: the cumulative deficit in relation to GDP fell to a single-digit number at the end of July and stood at about 9.3%, compared with 10.1% in the previous month, the Accountant General's Division of the Ministry of Finance announced today.
The shrinkage of the deficit is mainly due to the continuing trend of an increase in state revenues from taxes.
According to the Treasury, in July there was an increase of 29.5% compared to the same period last year.
Revenues since the beginning of the year amounted to NIS 231.5 billion - a higher figure than in the pre-Corona period - in 2019, which stood at NIS 203.3 billion, an increase of 13.9%.
In addition to the dramatic increase in revenues, data from the Ministry of Finance also indicate a downward trend in expenditures that continued in July - which stood at 0.3% of GDP.
However, the volume of expenditure remained high at about 275.9 billion shekels in July.
This figure is 10.4% higher than in the corresponding period last year and is mainly due to the economic assistance program.
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Minister of Finance, Avigdor Lieberman.
If a fourth closure is not imposed, the ambitious deficit to which it is directed will become even more realistic (Photo: Flash 90, Yonatan Zindel)
As long as a fourth close is not imposed, the deficit targets appear realistic
Recall that regarding the question of the economic assistance program in case there is another closure, the director general of the Ministry of Finance, Ram Blinkov, replied that "the economy is almost boiling, private consumption is rising, and the market is growing when the economy is increased, "This statement by Blinkov is well backed by the numbers.
State tax revenues are rising not only compared to last year, the year the corona crisis began, but also compared to the pre-corona period - 2019. Thus, for example, in terms of uniform tax rates, state tax revenues increased in July 2021 26% compared to the low level of July 2020 due to the crisis of sources, and by 19% compared to July 2019 compared to July 2019 direct tax revenues rose by 33% and indirect taxes at 6%.
direct taxes rose sharply in the advance income tax revenue Capital gains, deductions from wages and real estate taxation.
In light of these data, which are reducing the deficit at a rapid pace, the ambitious target set by the Minister of Finance when formulating the government budget of 6.8% at the end of the current year, and 3.9% at the end of next year, seems reasonable.
All this, assuming that a fourth closure is not imposed that could harm the economy's impressive recovery from the crisis.
Ram Blinkov: Said last week "The economy is boiling" - and justice (Photo: Nir Landau, Walla!)
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