Israel's Deficit Soars to 15 Billion as Spending Rises Amid War and Inflation Moderates

• Israel's deficit grew to NIS 15 billion in March 2024 from NIS 2.7 billion in March 2023 • Cumulative deficit stands at 6.2% of GDP over last 12 months • Estimated spending for Gaza war is NIS 52.5 billion since outbreak • Bank of Israel leaves interest rate unchanged at 4.5% due to uncertainty • Inflation has become more moderate in last 12 months, within target range