March budget deficit totals NIS 2.9B

Finance Ministry puts deficit so far in 2013 at NIS 4.6 billion, says both tax income and spending were year's highest
Reuters|
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Israel posted a budget deficit of NIS 2.9 billion ($806 million) in March to bring the deficit so far in 2013 to NIS 4.6 billion ($1.27 billion), the Finance Ministry said on Monday.
Both tax income and spending were the highest of the year.
Income from taxes alone totaled NIS 19 billion ($5.24 billion) in March, up 5.7% versus March 2012. For the first three months of 2013, tax revenue was down 1.8%.
Israel is targeting a deficit of 3% of GDP in 2013. To meet that aim, the government will need to implement steep spending cuts and possible tax hikes.
In 2012, Israel recorded a budget deficit of NIS 39 billion ($10.76 billion), or 4.2% of gross domestic product. That was above an initial target of 2% and a revised target of about 3.5%.
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