Israel Spends 31 Billion US Dollars On Military Operations In Gaza-Lebanon During 2024

JAKARTA - Israel spent 112 billion shekels ($31 billion) on its military operations in Gaza and Lebanon in 2024.

Antara 7 Oktober 2023 - ketika kelompok militan Palestina Hamas menyerang Israel yang memicu perang di Gaza - dan akhir tahun 2024, pengelarian mencapai 141,6 miliar shekel.

Israel has since struck a ceasefire agreement with Hamas and Hezbollah.

As reported by Reuters on Monday, March 17, total defense spending in 2024 was 168.5 billion shekels, or 8.4% of gross domestic product, up from 98.1 billion in 2023, when defense costs were 5.2% of GDP, the report showed.

The increase in war spending has pushed the budget deficit to 6.8% of GDP by 2024, a revision of an initial estimate of 6.9%. Israel's economy grew 0.9% in 2024.

Prior to the war, in May 2023, Israeli lawmakers approved a 2024 budget of 513.7 billion shekels but the fighting required three additional budgets by 2024 which increased state spending by 21% to 620.6 billion shekels.

Last year's revenue was 484.9 billion shekels.

The deficit, which reached 8% of GDP during 2024, had eased and reached 5.3% in February.

Due to political clashes, Israel has not approved a budget for 2025 and the country uses a pro mean version of the 2024 articles of association.

The failure of lawmakers to pass the budget by the end of March will trigger a new general election.

The draft budget for tax increases and sharp spending cuts will be approved on time, said Finance Minister Bezalel Smotrich.

The budget, he said, reflects the responsible budget that will ensure the stability and sustainability of the right government function while handling Israel's security needs during this period.