Budget 2024 | SA sees wider deficits, higher debt in budget review

Revenue collection is expected to be hit by a decline in fuel levy and import VAT collections, among other things, it said.“In the absence of faster growth and in the face of external risks, tax revenue will remain under pressure, forcing us to make difficult decisions,” finance minister Enoch Godongwana said.South Africa’s gross debt is now seen stabilising at 75.5% of GDP in 2025/2026.The economy is expected to expand by 1.1% this year, down from a February estimate of 1.3%. Growth is expected to come in at 1.7% in 2025, vs a previous forecast of 1.6%.South Africa’s economy has…