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Israel’s fiscal surplus up to $3 billion

The change is credited to more tax revenues collected by the State since the ending of Covid-19 shutdowns and a return to regular tourism levels.

By TPS

Israel’s Ministry of Finance Accountant General reports that in the 12 month period ending July 2022 the nation’s fiscal surplus totaled 9.7 billion shekels ($3 Billion), or 0.6% of GDP. The surplus means that Israel is bringing in more in tax revenues than it spends.

June was the only month during this period of time to have a fiscal deficit.

This is in stark contrast to a fiscal deficit seen in the preceding 12 months ending July 2021 which totaled 44 billion shekels ($14.25 million). This represents a turnaround of more than $17 billion.

The change is credited to the sharp increase in tax revenues collected by the State since the ending of Covid-19 related shutdowns and a return to regular tourism levels.