Israel's fiscal surplus for the 12 months ending January 2023 was 0.3% of GDP, shrinking from 0.6% at the end of December 2022, the Ministry of Finance Accountant General reports.
Even so there was a fiscal surplus in January with state revenues higher than state expenditure, although the surplus was smaller than the NIS 18.6 billion budget surplus in January 2022.
In January 2023 the new government's expenditure was NIS 30.1 billion, up 2.6% from January 2022. Government revenues in January 2023 totaled NIS 43.8 billion, down 7.6% from January 2022. Revenues from direct taxes totaled NIS 25.3 billion, down 17% from January 2022, while tax revenue from the capital market fell 56% to just NIS 200 million.
Government expenditure will remain restrained until the new government passes a budget for 2023. Without a budget, expenditure can only increase 2.2% from last year, well below the annual rate of inflation.
Published by Globes, Israel business news - en.globes.co.il - on February 9, 2023.
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