A widening fiscal deficit amid the conflict will require additional (but manageable) bond issuance

ISRAEL - Report 06 Nov 2023 by Jonathan Katz

1. The shekel appreciated sharply last week as a result of both strong equity markets abroad and growing expectations that the war will be limited to Gaza.

2. Credit card purchases continue to expand modestly, but private consumption remains far below pre-war levels.

3. We expect a fiscal deficit of 5.5%-6% of GDP in 2024, requiring domestic bond issuance of 11-12 bn ILS on average per month.

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