Fiscal deficit reaches 8.1% GDP LTM, tax revenues surge in August

ISRAEL - Report 07 Sep 2020 by Jonathan Katz

Domestic demand improved in August, but renewed closure likely:
• Weekly credit card purchases increased by 3.8% m/m in August, both due to summer seasonality but in addition the fact that Israelis remain home this summer is private consumption supportive.
• Consumer confidence improved in August, but remains way below pre-Covid levels.
• The broad unemployment rate (including Covid furloughs and those who lost their job but did not actively seek employment) declined slightly to 12.1% in the first half of August, from 12.4% in the second half of July.
• The CBS Business Tendency Survey reflects stronger activity in August but future expectations remain weak.

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