South Africa’s 9-month budget gap at 79% of full-year target

By bne IntelliNews January 30, 2015

South Africa’s main budget deficit for the first nine months of the 2014/15 fiscal year, which ends on March 31, expanded by 11.3% y/y to ZAR142.1bn ($12.2bn) and reached 79.1% of the revised full-year target, Treasury data showed.

The government’s revenues grew 7.3% y/y to ZAR687.7bn in the nine months to end-December, reaching 71.9% of the full-year target, while expenditure rose 8% y/y to ZAR829.8bn, fulfilling 73% of the full-year plan.

In December alone, revenue increased 3% y/y to ZAR123bn, whereas expenditure surged 13.8% y/y to ZAR100.4bn.

South Africa targets a budget deficit equal to 4.1% of GDP for the current fiscal year, aiming to cut it to 3.6% in 2015/16, 2.6% in 2016/17 and 2.5% in 2017/18.

ZARmn April-Dec 2014 April-Dec 2013 y/y change Revised full-year target % of target
Revenue 687 706.2 640 677.5 7.3% 956 628.6 71.9%
Expenditure 829 803.5 768 322.8 8.0% 1 136 339.8 73.0%
Main budget balance -142 097.3 -127 645.3 11.3% -179 711.2 79.1%
Financing of the net borrowing requirement          
Domestic short-term loans (net)  44 167.2 25 840.2 70.9% 10 000.0 441.7%
Domestic long-term loans (net) 116 616.1 130 055.0 -10.3% 153 926.0 75.8%
Foreign loans (net)  8 927.7 1 063.5 739.5% 8 263.0 108.0%
Change in cash and other balances (- increase)  -27 613.8 -29 313.4 -5.8% 7 522.2 -367.1%
Total financing (net) 142 097.2 127 645.3 11.3% 179 711.2 79.1%
Source: National Treasury          

Related Articles

Electric bus maker BasiGo secures $3mn from CFAO to scale up Kenya, Rwanda production

Electric bus company BasiGo has secured $3mn worth of equity funding from CFAO Group to scale up production in Kenya and Rwanda. With operations in over 40 African countries, ... more

Russia’s nuclear firm Rosatom to collaborate with South Africa on floating NPP project

Russia’s state nuclear energy corporation Rosatom is developing a floating nuclear power plant (NPP) project for South Africa, Interfax news agency reports. Ryan ... more

Nigeria files charges against Binance as regional executive goes on the run

Nigeria has escalated its confrontation with cryptocurrency giant Binance by filing tax evasion charges against the platform and seeking an international arrest warrant for Nadeem Anjarwalla, ... more

Dismiss