South Africa's government revised its budget deficit forecast to 15.7 percent of GDP in 2020/21 fiscal year from an earlier estimate of 14.6 percent in June and compared to 6.4 percent in 2019. That would be the largest budget shortfall since the end of apartheid, as the Covid-19 pandemic and strict lockdown measures hit severely the country's fragile economy. The Treasury plans to freeze public sector wages for the next three years to help cut its salary bill and narrow the budget. Meantime, government debt should jump to 81.8 percent of GDP from 63.5 percent last year, before hitting 92.9 percent in 2023/24. The economy is seen contracting 7.8% in 2020 from an earlier estimate of 7.2%. source: National Treasury, South Africa
Government Budget in South Africa averaged -3.43 percent of GDP from 1989 until 2019, reaching an all time high of 1 percent of GDP in 2007 and a record low of -7.40 percent of GDP in 1992. 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 December of 2020.
Government Budget in South Africa is expected to reach -15.70 percent of GDP by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa Government Budget is projected to trend around -13.70 percent of GDP in 2021 and -12.00 percent of GDP in 2022, according to our econometric models.