JERUSALEM, Nov. 11 (Xinhua) -- Israel recorded a budget deficit of 11.2 billion shekels (about 3 billion U.S. dollars) for October, the Finance Ministry said on Monday.

The deficit for the 12 months to October dipped to 7.9 percent of the gross domestic product (GDP), from 8.5 percent over the 12 months to September, the ministry reported in a press release.

According to the ministry figures, it marks the first decrease in the Israeli budget deficit since the outbreak of ongoing multi-front conflicts in early October last year.

Analysts explained that the decrease occurred mainly because the abnormal expenses recorded in October 2023, due to the outbreak of the conflicts in the Gaza Strip and Lebanon, are not included in the latest 12-month figure.

The ministry said despite the decrease, the deficit is still expected to exceed the 6.6-percent annual target at the end of 2024, given the continuation of the conflicts and a delay in transfers of some U.S. aid funds.

Israel's war expenses have so far reached 106.2 billion shekels, according to the ministry's estimates.

The figures showed that the total government expenditures in the first ten months of this year increased by 26.3 percent year-on-year to 502.7 billion shekels, while revenues amounted to 398.6 billion shekels, a rise of 7.4 percent. Enditem

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