Category: Israels
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Israel’s fiscal deficit widens for 18th consecutive month
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Israel’s fiscal deficit has risen again for the 18th consecutive month, after reaching zero in March 2023. The deficit in the 12 months to the end of September this year reached 8.5% of GDP, or NIS 165.8 billion, the accountant said. General of the Ministry of Finance, Yali Rotenberg. I…
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Treasury plans higher tax on Israel’s wealthiest
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As part of its plans to manage the fiscal deficit in 2025, the Ministry of Finance proposes to increase the additional tax on passive income such as interest. The Ministry proposes to raise the additional tax from its current rate of 3% to 5%, and expand it to include those…
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Israel’s forex reserves again hit new record
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Israel’s foreign exchange reserves at the end of September 2024 reached a record level of $220.377 billion, an increase of $2.992 billion from their level at the end of August, which was itself a new record high, the Bank of Israel reported. The level of reserves in relation to GDP…
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Analysis-Year of war creates cracks in Israel’s borrowing strength By Reuters
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Written by Libby George, Karen Strohecker and Stephen Shear LONDON/JERUSALEM (Reuters) – For nearly a year, the Israeli economy has weathered the chaos of a war that threatens to turn into a regional conflict, but rising borrowing costs have begun to put pressure on its financial structure. The direct cost…
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Smotrich on Moody’s downgrade: Israel’s economy is strong
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Finance Minister Bezalel Smotrich gave an initial reaction last night to the downgrade of Israel’s sovereign rating by Moody’s to Baa1. In his statement, Bezalel tries to soften the blow, promising to pass the budget, hinting at planned austerity measures, perhaps in an attempt to send a signal to other…
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IATI-RISE report warns on dangers to Israel’s tech industry
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How badly has Israel’s tech industry been damaged by war over the past year? It depends on who you ask. This morning Israel Advanced Technology Industries (IATI), which also represents foreign investors and Israeli development centers for American companies, in cooperation with the RISE Institute for Policy and Research in…
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Israel’s population almost 10m on eve of 5785
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Israel’s population rose by 1.2%, or 118,000, over the past year to just over 9.9 million, the Central Bureau of Statistics reports. Israel’s population rose by 1.2%, or 118,000, over the past year to just over 9.9 million, the Central Bureau of Statistics reports. 7.689 million (78.6%) of Israel’s citizens…
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Explaining Israel’s housing market paradox
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The least significant element in the CBS housing price figures is the annual rise between July-August 2023 and July-August 2024, the most recent period for which data is available. In that year, housing prices rose by 5.8%. But the Israeli real estate market after November of last year is not…
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Israel’s gas royalties up 12.5% in H1 2024
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The Natural Resources Administration of the Ministry of Energy and Infrastructure today published its revenue report for the first half of 2024. Revenue from natural gas, minerals and raw materials in the first half of 2024 amounted to NIS 1.175 billion, an increase of 12% from NIS 1.044 billion in…
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Israel’s budget chief warns on jump in interest rate costs
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Senior finance ministry officials warned of higher interest rates due to the state budget breach, economic uncertainty and war, saying that “increasing the budget framework could be dangerous for the economy and a negative signal to investors.” The Knesset Finance Committee today discussed a NIS 3.5 billion breach of the…
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Foreign residents gradually returning to Israel’s housing market
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Some 28,000 Jews have immigrated to Israel since the start of the war, according to figures from the Ministry of Aliya and Integration. Estimates are that a few more thousand will arrive by the end of 2024, meaning there is a significant decrease from the 46,600 immigrants in 2023. Alongside…
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Israel’s fiscal deficit climbs again
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Israel’s fiscal deficit rose again for the 17th consecutive month, after reaching zero in March 2023. The deficit in the 12 months to the end of August this year amounted to 8.3% of GDP, or NIS 161 billion, Finance Ministry Accountant General Yali Rotenberg reported today. The figure at the…
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Israel’s forex reserves hit record high in August
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The increase was mainly due to a revaluation process that increased reserves by about $4.243 billion, the Bank of Israel reported. Israel’s foreign exchange reserves at the end of August 2024 reached an all-time high of $217.377 billion, an increase of $3.743 billion over their level at the end of…
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Israel’s average monthly wage still rising
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According to the Central Bureau of Statistics report, the average wage in Israel was NIS 13,683 in July 2024, an increase of 6.7% over July 2023. In July 2024, the average wage in Israel was NIS 13,683, up 6.7% from July 2023, according to the Central Bureau of Statistics. The…
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Israel’s main labour union calls strike as pressure mounts for hostage deal By Reuters
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By Emily Rose and Stephen Sher JERUSALEM (Reuters) – The head of Israel’s largest labor union called for a general strike on Monday to pressure Prime Minister Benjamin Netanyahu’s government to return Israeli hostages still being held by Hamas in Gaza, as thousands of protesters took to the streets. The…
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JPMorgan cuts Israel’s 2024 growth forecast
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Following recent negative macroeconomic data, JPMorgan has lowered its forecast for Israel’s GDP growth in 2024 to just 1.4%, down from 1.6% in its previous forecast. Under the title “Israel: An Unlucky Mix of Growth and Inflation Data,” US investment bank JP Morgan released revised forecasts for the Israeli economy,…