Israel’s fiscal deficit grew to 6.2 percent of gross domestic product (GDP), or NIS 15 billion ($4 billion), in March over the prior 12 months, as the cabinet pours billions of shekels into funding the ongoing war against Gaza, according to preliminary figures released by the Finance Ministry Monday.

The deficit rose from 5.6% in February and 4.8% in January amid increased military and civilian spending, according to the Times of Israel.

Israel, which posted a budget deficit of 4.2% in 2023, has set a deficit target of 6.6% of national output for 2024.