Disposable income increases by 2.3% in 2020

ISRAEL - Report 08 Feb 2021 by Jonathan Katz

Disposable income in 2020 increased by over 2% due to government transfers. M1 is up 31% y/y in December due to a limited ability to consume; this is likely to create pent-up demand and some inflationary pressure. The Bank of Israel purchased 6.8bn USD in January, but in the short term, Israel’s rapid vaccination is shekel supportive. The fiscal deficit increased to 12.1% GDP in the last 12 months through January (from 11.7% in Dec), a relatively modest increase due to strong tax revenues.

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