Still On Track to Narrow The Budget Deficit

BMI View: The latest release by the Israeli Ministry of Finance for the 2011 budget has affirmed our optimistic view of a narrower budget deficit and we maintain that the full year budget shortfall (excluding credit) will have fallen to ILS4.3bn, or 4.2% of GDP. However, for 2011 we project a budget deficit of 3.6% - an improvement on this year, but still slightly more cautious than the Ministry of Finance's 3.0%

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