South Africa's government revised its budget deficit forecast to 5.7% of GDP in the 2021/22 fiscal year from an earlier estimate of 7.8% in November, mainly due to better-than-expected tax collections, namely higher mining receipts. The budget gap should continue to shrink to 6% in 2022/23 (unrevised), 4.8% in 2023/24 (vs 5.3% earlier) and 4.2% in 2024/25 (vs 4.9%). Gross debt to GDP is seen peaking at 75.1% in 2024/25, compared to a peak of 78.1% in 2025/26 seen in November. The economy is seen expanding 4.8% in 2021 from an earlier estimate of 5.1%, before gradually slowing to 2.1% in 2022 (vs 1.8% in November), 1.6% in 2023 (unrevised) and 1.7% in 2024 (unrevised). Meanwhile, Finance Minister Enoch Godongwana noted that structural economic reforms are needed. source: National Treasury, South Africa
Government Budget in South Africa averaged -3.75 percent of GDP from 1989 until 2021, reaching an all time high of 1 percent of GDP in 2007 and a record low of -10 percent of GDP in 2020. This page provides - South Africa Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Government Budget - values, historical data and charts - was last updated on August of 2022.
Government Budget in South Africa is expected to reach -6.00 percent of GDP by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa Government Budget is projected to trend around -4.80 percent of GDP in 2023 and -4.20 percent of GDP in 2024, according to our econometric models.