JERUSALEM (Reuters) - Israel’s public debt as a proportion of economic output fell 1.7 percentage points in 2016 to reach 62.2 percent amid tighter government spending and very low interest rates, the Finance Ministry said on Sunday.

The debt-to-gross domestic product ratio has dropped seven straight years, from 63.9 percent in 2015 and 74.8 percent in 2009. Public debt totaled 740.8 billion shekels ($210 billion) last year, compared with 726.7 billion in 2015.

The ministry’s tally showed a slightly smaller drop for 2016 than a preliminary estimate of 62.1 percent it published in January.