JERUSALEM, May 9 -- The Israeli Finance Ministry reported on Thursday that the nation's 12-month budget deficit has escalated to 132.2 billion shekels (35.4 billion U.S. dollars), or 7 percent of the gross domestic product (GDP), as of the end of April.

The ministry highlighted a 35.8 percent year-on-year surge in government spending during the initial four months of 2024, totaling 195.3 billion shekels.

The increase is largely attributed to heightened military expenditures on the ongoing Israeli-Palestinian conflict that started on October 7, 2023.

As of the end of April, the conflict-related costs were estimated at 59.6 billion shekels, with 34.7 billion shekels expended within this year.

From January to April 2024, the Israeli government's revenue reached 157.6 billion shekels, marking a 2.2 percent decline.

  - Xinhua