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 September 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 -5.30 percent of GDP in 2023 and -4.20 percent of GDP in 2024, according to our econometric models.

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South Africa Government Budget

Related Last Previous Unit Reference
Government Budget -5.70 -10.00 percent of GDP Dec 2021

South Africa Government Budget
Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.
Actual Previous Highest Lowest Dates Unit Frequency
-5.70 -10.00 1.00 -10.00 1989 - 2021 percent of GDP Yearly