"I congratulate minister Lapid for the apparent reduction in the deficit and the debt-to-GDP ratio in 2012."
"I congratulate minister Lapid for the apparent reduction in the deficit and the debt-to-GDP ratio in 2012," said former Minister of Finance Yuval Steinitz in sarcastic praise of his successor, Yair Lapid for the retroactive reduction in the 2012 deficit, caused by the Central Bureau of Statistics' new methodology for calculating GDP. "This appears to be the first time in world history in which a new finance minister is responsible for the improved data in the period of the previous government."
Today, Lapid said that the Ministry of Finance would reassess the budget in a few months, in view of the new GDP data, and the latest macroeconomic figures showing a steady reduction in the deficit. The ministry reported today that the deficit fell to NIS 12.9 billion in January-August from NIS 17.6 billion in the corresponding period of last year.
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2013
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