A declining fiscal deficit will likely support lower bond issuance

ISRAEL - Report 12 Jul 2021 by Jonathan Katz

The fiscal deficit continued to decline, reaching 10.1% GDP LTM from 12.1% in March, due to strong revenues and lower Covid spending. We expect domestic bond issuance to continue to contract, reaching 5bn ILS per month by year-end. The CBS business sector survey reflects strong orders both domestically and abroad, and expectations of expanding activity and employment.

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