South Africa

South Africa's MTBPS reveals stronger consolidation path

  • Budget deficit revised down by c1% of GDP in previous and current FY and 0.5% of GDP on average in next two FYs

  • Driven by positive revenue surprises, which will be partly used to reduce deficit and partly to fund one-off spending

  • Remains to be seen if stronger commitment to spending restraint and SOE reform will hold, with slippage likely in future

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October 27th, 2022
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