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 February of 2021.

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.

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South Africa Government Budget

Actual Previous Highest Lowest Dates Unit Frequency
-6.30 -4.20 1.00 -7.40 1989 - 2019 percent of GDP Yearly

South Africa Government Last Previous Highest Lowest Unit
Government Debt to GDP 62.20 56.70 62.20 27.80 percent [+]
Government Budget -6.30 -4.20 1.00 -7.40 percent of GDP [+]
Government Budget Value 10985.00 -21911.00 44018.00 -107881.00 ZAR Million [+]
Government Spending 653476.00 652379.00 655913.00 65991.00 ZAR Million [+]
Government Revenues 180084.00 98130.00 180084.00 36.00 ZAR Million [+]
Government Debt 64685.00 57650.00 81061.00 11594.00 USD Million [+]
Fiscal Expenditure 169099.00 120040.00 203164.00 46.00 ZAR Million [+]
Credit Rating 45.00 [+]
Military Expenditure 3449.00 3639.00 5472.00 224.00 USD Million [+]

South Africa Government Budget
Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments). A budget deficit occurs when an government spends more money than it takes in. The opposite of a budget deficit is a budget surplus.