JERUSALEM, Jan. 17 (Xinhua) -- Israel's public debt-to-GDP ratio amounted to 62.1 percent in 2023, compared to 60.5 percent in 2022, the country's Finance Ministry said on Wednesday.
Also, Israel's government debt-to-GDP ratio increased by 1.6 percentage points to 60.4 percent last year compared to the previous year.
The ministry attributed the rise to the increase in the government's financing needs due to the effects of the ongoing conflict with Hamas.
It pointed to an increase in defense and civilian expenses and a decrease in state revenues, which caused the year 2023 to end with a budget deficit accounting for 4.2 percent of GDP.
It added that, during the past year, Israel raised a substantial debt of 160 billion shekels (42 billion U.S. dollars) despite challenges. ■
