MNI BRIEF: Fed's Collins Sees Sept or Dec Cut This Year

MNI BRIEF: Fed's Collins Urges Patience On Judging Inflation

CORRECTED: MNI BOE WATCH: On Hold And Splits Set To Continue

MNI China Daily Summary: Tuesday, June 18

MNI: PBOC Net Injects CNY84 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY86 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: JAPAN MAY EXPORTS +13.5% Y/Y; APRIL +8.3%

MNI: UK MAR-MAY MEDIAN PAY AWARDS +4.6% :Brightmine

MNI: US TSY TICS NET FLOWS IN APR +$66.2B

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

SA Records First Quarterly Primary Surplus in Three Years

SOUTH AFRICA
  • This is a sign that the National Treasury's efforts to bring spending in line with revenue are tentatively succeeding - bolstered by bumper corporate profits due to the commodity supercycle.
  • However, SA's poor track record of reform implementation and consistent budget frugality leave room for perpetual scepticim.
  • Govt's primary balance swung to a surplus of 9.8 billion rand ($652 million), or 0.6% of GDP, in the first quarter of the 2022 fiscal year, compared with a deficit of 2.2% of GDP in the previous three months
  • A primary surplus, which excludes interest costs, suggests the state can extract resources from the economy necessary to service debt.
  • In February, the Treasury projected a primary surplus of 0.1% of GDP in 2024-25, targeted a positive balance of 0.3% of GDP in the long run and saw debt stabilizing at 88.9% of GDP in 2026 fiscal year.
  • The medium-term budget scheduled for Nov. 4 is likely to show an improvement in these metrics, after changes to the way GDP is calculated showed the economy is bigger than previously estimated and with tax revenue overshooting estimates because of a windfall in mining profits
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.