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          
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Ghana inks nuclear power agreement with China, advancing clean energy goals

Nuclear Power Ghana Limited and China National Nuclear Corporation Overseas Limited have sealed a deal, marking a milestone in Ghana's energy landscape, reports Asaase Radio.  The agreement ... more

South Africa needs surplus electricity from solar plants, says minister

South Africa’s Electricity Minister Kgosientsho Ramokgopa has called for discussions to assess ways of making surplus electricity from existing renewable energy facilities available to the grid. ... ... more

Zimbabwe commits to annual independent audits of its gold reserves underpinning new ZiG currency

Zimbabwe's government will ensure its gold reserves which underpin its newly-introduced currency, would be independently audited once yearly, The Herald reports. The southern African nation ... more

Follow Us On

Most Read

  1. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  2. Don't mention the "D" word - Ukraine
    7 days ago
  3. The models are wrong, climate change is accelerating faster than predicted
    2 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    5 days ago
  5. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    10 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    28 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    30 days ago
  4. Saudi Arabia to scale back plans for Neom city
    17 days ago
  5. Iran vs Israel: Who is better equipped for war?
    14 days ago

Reports

Dismiss