Israel’s debt: GDP ratio shrank dramatically in 2022 to 60.9% from 68% in 2021, according to the first official estimate from the Ministry of Finance’s Accountant General Yali Rothenberg.
The reduction in the debt: GDP ratio was due to both sides of the equation: GDP growth of 6.3% and debt reduction of NIS 7 billion. In order to reduce the debt, the Accountant General used the exceptional revenues surplus last year to repay old debts of almost NIS 20 billion.
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During the decade preceding the Covid crisis, Israel’s debt: GDP ratio fell gradually by about 11% to 59.5%, a relatively low point in historic terms that allowed the Israeli government relative financial flexibility in coping with the crisis, among other things in providing compensation for businesses and employees on unpaid leave. Due to the Covid crisis the debt: GDP ratio rose to 71.7% in 2020.
Published by Globes, Israel business news – en.globes.co.il – on January 18, 2023.
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