SA medium-term budget policy statement

Tough balancing act between fiscal discipline and growth protection

Initial impressions

Disappointing wider-than-expected budget deficit on poorer growth and revenue outcomes.

Expansionary budget > (real) expenditure growth expected to outstrip revenue growth in the next two years.

Relative to February 2018 budget, expenditure was revised higher by R12.4 billion and revenue was adjusted R83 billion lower between FY2018/19 and FY2020/21.

Budget focused on growth-enhancing mechanisms to restore investor confidence and revive SA’s longer term growth trajectory.

For full details of the SA medium-term budget review, click here.