Tax & Spend
South Africa Set for First Primary Budget Surplus in 15 Years
- Preliminary data puts primary surplus at 0.4% of GDP
- Data also suggests government beat 2023-24 budget gap target
South Africa recorded a primary surplus of 0.4% of gross domestic product in the year through March 2024.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
South Africa likely achieved a primary budget surplus — where revenue exceeds non-interest expenditure — for the first time in 15 years, setting it on a path to arrest further growth in debt that’s already worryingly high.
Preliminary data shows Africa’s most industrialized economy recorded a primary surplus of 0.4% of gross domestic product in the year through March 2024, matching National Treasury’s February forecast, it said in an emailed response to questions. The outcomes also show the preliminary main budget deficit in 2023-24 is 4.6% of GDP, slightly better than the 4.7% of GDP shortfall estimated in February, Treasury said.