Government bond issuance expected to increase

ISRAEL - Report 15 May 2023 by Jonathan Katz

1. We expect April CPI to reach 0.4% m/m (in line with consensus), impacted by seasonality and a weaker shekel.

2. GDP growth in Q123 is expected to reach 1.8% saar, fueled by modest private consumption growth, residential investments and service exports.

3. We expect the fiscal deficit to reach 2.4% GDP this year; the pace of government bond issuance is expected to increase in the coming months.

4. In March, Israeli institutions purchased 3.5bn USD, increasing their FX exposure to close to 19% on average.

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