Israel records 1st annual budget surplus in 35 years

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 on Wednesday.

The annual surplus amounted to 9.8 billion shekels (about 2.8 billion U.S. dollars), which is 0.6 percent of the country's gross domestic product (GDP), compared to a deficit of 69.2 billion shekels registered in 2021.

The ministry 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.

Israel's government revenues reached 468.5 billion shekels in 2022, an increase of 13.6 percent year on year, while expenditures decreased by 4.8 percent to 458.8 billion shekels.