Acting Israeli Finance Minister Ehud Olmert submitted the 2006 budget to the Knesset (parliament) Monday, which stands at 284.2 billion Shekels (63.16 billion US dollars), an increase of 1.1 percent over the previous year.

Israeli government spending will total 231.8 billion Shekels ( 51.51 billion dollars) in 2006. The domestic and overseas budget deficit target for the year is 3 percent of Gross Domestic Product (GDP), amounting to 17.2 billion Shekels (3.82 billion dollars).

In contrast to 2005, there will be no spending deviation for disengagement, and all spending is included in the budget framework.

The budget states that civilian consumption will total 47.9 billion Shekels (10.64 billion dollars) in 2006, an increase of 4 percent over the previous year.

Defense spending will amount to 46.1 billion Shekels (10.24 billion dollars) in 2006, 1.1 percent less than in 2005.

The budget assumes that government revenues will total 198.7 billion Shekels (44.16 billion dollars) next year, including grants and revenues from land sales. Direct and indirect tax revenues will reach 168 billion Shekels (37.33 billion dollars).

Source: Xinhua