The fiscal health of Israel has taken a significant hit, with the Ministry of Finance accountant general Yali Rothenberg revealing that the fiscal deficit has skyrocketed to a staggering 7.6% of GDP over the past 12 months. This alarming increase translates to NIS 146 billion, reflecting a sharp rise from 7.2% at the end of May.
Read more: Israel's Fiscal Deficit Soars To 7.6% Of GDP Amid Rising War Costs
Israel’s Committee of Directors General on Foreign Workers, under the stewardship of Prime Minister’s Office Director General Yossi Shelley, has sanctioned an additional quota permitting up to 14,300 more foreign workers to enter Israel. This decisive move aims to alleviate the severe labor shortages stemming from the ongoing conflict with Hamas in Gaza.
Read more: Israel Approves 14,300 More Foreign Workers To Address Labor Shortages
Today, the Israeli shekel is experiencing a weakening trend against the US dollar, marking its lowest value since April. In afternoon inter-bank trading, the shekel rose by 0.37% against the dollar, reaching NIS 3.767/$, while it decreased marginally by 0.03% against the euro, settling at NIS 4.036/€.
Yesterday, the Bank of Israel set the representative shekel-dollar rate at NIS 3.753/$, a 0.16% decline from Friday. Meanwhile, the representative shekel-euro rate was adjusted to NIS 4.035/€, a 0.358% increase.
In a startling revelation that underscores the economic challenges faced by Israeli consumers, recent data from the Organization for Economic Cooperation and Development (OECD) has highlighted the nation's exceptionally high food and beverage prices. According to the June report, Israel's food prices are a staggering 52 percent above the average of developed countries, positioning it second only to South Korea.
Read more: Israel's Food Prices Soar: Second Highest Among Developed Nations
Israel's gasoline prices are set to rise once again, marking a reversal after a brief respite in June. The Ministry of Energy and Infrastructure has announced that, effective midnight on Sunday, July 1, the maximum price for 95 octane gasoline at self-service pumps will increase by NIS 0.04 per liter, bringing the total to NIS 7.56 per liter.
This uptick follows a significant decrease of NIS 0.38 at the start of June, which came after five consecutive months of price hikes. In May, prices had peaked at NIS 7.90 per liter, just NIS 0.35 shy of the all-time high of NIS 8.25 per liter set in 2012.
Read more: Israel's Gasoline Prices Surge Amid Rising Oil Costs & Geopolitical Tensions
