Beating the odds (Illustration)
Photo: Index Open
State budget enjoys NIS 1B surplus
Treasury's data suggests government beat prediction of suffering deficit in September, ended month on high fiscal note due to better tax revenue. Figures mean State deficit unlikely to exceed 4% at year's end
September saw the government enjoy an unexpected surplus of NIS 1 billion (approx. $280 million) in its budget, according to the Treasury.
According to Yedioth Ahronoth, the surplus beat predictions of a deficit to that effect. Analysts believe September's surplus was the result of higher tax revenue.
Resilience
Bank of Israel reports economic forecast for 2010 has risen 0.3% while 2011 projection has dropped by 0.2% due to expectations for decrease in rate of exports caused by slowdown in US consumption
The government's budget deficit for the period between January and September 2010 came to NIS 13.6 billion ($3.76 billion), compared with NIS 23.2 billion ($6.42 billion) for the corresponding period in 2009.
The data, according to the Treasury, mean 2010's deficit will be significantly smaller that the predicted and is unlikely to exceed 4%.
Government expenditures totaled NIS 19.9 billion ($5.5 billion) in September.
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