Finance Minister Pravin Gordhan on Wednesday said revenue and expenditure estimates set out in February had been reached, thereby confirming the deficit for 2015/2016 at 3.9 percent of gross domestic product.
“I am pleased to confirm that the revenue and expenditure outcomes for 2015/16 were in line with the estimates presented to the House in February, bringing the budget deficit for last year to 3.9 per cent of GDP,” Gordhan said as he delivered National Treasury’s budget vote speech.
Gordhan, who has forecast a slimmer deficit of 3.2 percent for the current financial year, said Treasury would remain committed to its policy of fiscal consolidation and trim debt further to 2.4 percent of GDP in the medium term.
“Over the next three years the deficit will be reduced to 2.4 percent, stabilising debt as a percentage of GDP and confirming the resilience of our public finances,” he said.
– African News Agency (ANA)