The budget deficit to the country’s GDP ratio was at minus 8.3 per cent in August, increasing from minus 7.6 per cent in June and minus 6.2 per cent in March and minus 4.1 per cent last December.

The budget deficit was at 84 billion shekels ($22.38 billion) this January to August, versus a surplus of 0.3 billion shekels ($79.9 million) in the same period last year.

While the country’s expenditures jumped 31.8 per cent year-on-year in the first eight months, revenues rose just 4 per cent, Israeli Finance Ministry data showed on Sunday.

In August alone, the budget deficit was at 12.1 billion shekels ($3.22 billion).