Tue. Jun 2nd, 2020

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South Africans Look Forward to Budget Speech

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The South Africa’s National Treasury will try to trim its swollen budget deficit by raising revenue through personal income and excise tax hikes at its budget review. poll, taken over the past four days, showed all but one of 17 economists expected budget revenue to fall short of the Treasury’s revised October forecast. The median estimate was for an 18.5 billion rand ($1.2 billion) shortfall this financial year. South Africa’s consolidated budget deficit probably widened to 6.2% of gross domestic product in the financial year ending on March 31, more than an October government estimate of 5.9% of GDP.

SOURCE: REUTERS AFRICA

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