Jerusalem, Jan 19 (IANS): Israel's public debt-to-GDP ratio dropped to 60.9 per cent in 2022 from 68 per cent in 2021, the Israeli Finance Ministry said.

The year-on-year decrease of 7.1 percentage points is the sharpest since 1987, when an annual decrease of about 20 percentage points was recorded in the ratio figure, according to data from Israel's central bank released on Wednesday.

However, the ratio remained above the pre-pandemic level of 58.8 per cent recorded in 2019, Xinhua news agency reported.

The annual figures issued by Israel's Accountant-General Yali Rothenberg showed that the government's debt rate decreased to 59.2 per cent of GDP in 2022, compared with 66.2 per cent in 2021.

The Ministry attributed the debt ratio decline to economic growth at a rate of 6.3 per cent, alongside a decrease of 7 billion shekels ($2.07 billion) in government debt.

"The cumulative decrease in the last two years in the debt-to-GDP ratio is of great importance in preserving financial stability and fiscal flexibility," Rothenberg said.