South Africa Posts Smallest First-Quarter Budget Gap in 6 Years

July 30, 2021, 1:13 PM

South Africa recorded the smallest first-quarter shortfall on its main budget since the government raised income taxes six years ago, boosting the National Treasury’s efforts to narrow the overall deficit.

The deficit on the main budget was 22.7 billion rand ($1.55 billion) for the three months through June, according to Treasury data published Friday. That compares with a gap of 125.8 billion rand in the same period of the previous year, when a strict Covid-19 lockdown and tax deferral measures weighed on revenue.

The first-quarter shortfall is the smallest since the 2015-16 fiscal year, when the government raised income ...

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