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South Africa's budget deficit narrows

31-Aug-2010 10:32 AM

South Africa’s National Treasury stated (30-Aug-2010) the nation's budget deficit narrowed in the first four months of the fiscal year, with the shortfall easing to ZAR68.8 million (USD9.4 billion) compared with ZAR89.4 million in the previous corresponding period. The improvement in tax receipts is helping the government trim its budget deficit from a 17-year high of 6.2% of GDP in the past fiscal year. The Central Bank added that GDP will likely expand by 2.9% in 2010, after contracting 1.8% in 2009.