Even though Israel reported a fiscal deficit of NIS 1.5 billion in June, ending five consecutive months in which the cumulative fiscal deficit fell, the country has reported a fiscal surplus of 0.4% for the 12 months ending June 2022, the Ministry of Finance Accountant General reports. This is the first time since 2007 that Israel has ended 12 months with a cumulative fiscal surplus, rather than a cumulative deficit.
RELATED ARTICLES
Israel posts zero 12-month deficit for first time since 2008
The reason for the improvement in Israel’s 12-month cumulative fiscal data, despite June being the first month of deficit since the start of 2022, is that the deficit in June was far smaller than in June 2021, when the deficit was NIS 8.8 billion, nearly six times larger than last mont.
In the first half of 2022 there was a cumulative fiscal surplus of NIS 31.9 billion compared with a cumulative fiscal deficit of NIS 43.7 billion in the first six months of 2021. In the first half of 2021, the government was burdened with unpaid leave payments and compensation to businesses hit by the Covid pandemic. These payments were halted in June 2021, and since then government expenditure has fallen.
At the same time, government revenues between January and June 2022 were NIS 241 billion, up 25% compared with the corresponding period of 2021. However, government revenues in June 2022 were only NIS 34.9 billion, the lowest monthly figure since the start of the year.
Published by Globes, Israel business news – en.globes.co.il – on July 10, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
