The cumulative deficit in the entire year of Corona will be about NIS 180 billion

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by Ifi Reporter Category:Financial Apr 4, 2021

The cumulative deficit in the entire year of Corona (between March 2020 and March 2021) will be about NIS 180 billion and will reach about 12.6% of GDP. This emerges from initial assessments in the Ministry of Finance. According to estimates, the state budget deficit in the first quarter of the year is expected to amount to NIS 20 billion.
Government expenditures in the first quarter of 2021 will amount to NIS 140 billion - 30% higher than in the first quarter of 2020. The National Insurance Institute told Ynet that since the beginning of the Corona crisis exactly one year ago, the National Insurance Institute has paid NIS 31 billion in unemployment benefits. On free vacations.
Meanwhile, the economy appears to be recovering rapidly. Preliminary data released to Ynet show that even in March, for the third month in a row, tax collection was high and returned to its pre-Corona crisis. This means that consumption and activity are recovering rapidly even though some industries such as aviation, tourism and cinemas are still disabled, at least in part.
The collection of taxes in March amounted to NIS 28 billion, and since the beginning of the year close to NIS 90 billion has been collected, an average monthly level much higher than in the corona months of 2020, when already in March there was a large decrease in tax collection due to the first closure.
However, the high expenses of the government continued due to the crisis, mainly in the payment of unemployment benefits to about 600,000 unemployed and tens of thousands of businesses that continue to receive grants and assistance. In addition, additional funds will be transferred to the health and education systems from the beginning of 2021. March budget data will be officially released by the Ministry of Finance only on the 12th of the month due to the holiday break.

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