Israel posted a budget deficit of 16.6 billion shekels ($4.5 billion) in November, the finance ministry said, citing a jump in expenses to fund Israel’s military offensive in the Gaza Strip, Reuters reports.

As a percentage of GDP, the deficit over the prior 12 months rose to 3.4pc in November from 2.6pc in October, it said.

A ministry source said the deficit for 2023 would end around 4pc of GDP.