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 |
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