Israel records 1st annual budget surplus in 35 years

Jerusalem, Jan 12 Israel's state budget recorded an annual surplus in 2022 for the first time since 1987, the country's Ministry of Finance said in a statement.

The annual surplus amounted to 9.8 billion shekels ($2.8 billion), which is 0.6 per cent of the country's gross domestic product (GDP), compared to a deficit of 69.2 billion shekels registered in 2021, reports Xinhua news agency citing the ministry as saying.

It explained that in 2022 there was a high and unusual increase in state revenues following an impressive recovery of the Israeli economy after the coronavirus crisis.

The government revenues reached 468.5 billion shekels in 2022, an increase of 13.6 per cent year on year, while expenditures decreased by 4.8 per cent to 458.8 billion shekels.

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