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South Africa’s Gigaba says budget deficit narrowed in 2016/17

PUBLISHED: Wed, 24 May 2017 08:12:01 GMT

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Wendell Roelf | CAPE TOWN

South Africa’s Finance Minister Malusi Gigaba told parliament on Tuesday the main budget deficit in 2016/17 narrowed to 3.8 percent of gross domestic product (GDP) from a previous estimate of 3.9 percent and would decrease further in coming years.

“Over the next three years the deficit will be reduced to 3.3 percent, stabilising debt as a percentage of GDP and confirming the resilience of our public finances,” Gigaba said in a televised speech.

(Reporting by Wendell Roelf; Writing by Mfuneko Toyana; Editing by Ed Stoddard)

http://cnbc.africa/news/financial/2017/04/12/south-africas-finmin-gigaba-committed-fiscal-consolidation-downgrades/


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