South African budget highlights
CAPE TOWN, (Reuters)
BUDGET DEFICIT
* Budget deficit projected at 4.6 percent of GDP for the fiscal year to March 2013, below economists' expectations of 5.4 percent. The deficit is projected to fall to 3 percent by 2014/15.
GROWTH
* Growth forecast trimmed to 2.7 percent for 2012 GDP, from 3.4 percent expected in October last year. GDP is projected to grow 3.6 percent and 4.2 percent in 2013 and 2014.
INFLATION
* Inflation to average 6.2 percent in 2012, above the 3-6 percent target range, before falling back to 5.3 percent in 2013 and 5.1 percent in 2014.
CURRENT ACCOUNT
* Current account deficit to widen to 4.3 percent of GDP in 2012, from 3.3 percent in 2011. Expected to expand to 4.5 percent in 2013 before easing to 4.4 percent in 2014.
DEBT
* Total net government debt to hit 1.35 trillion rand ($175.5 billion), or 36 percent of GDP, by the end of 2012/2013, rising to 1.54 trillion rand, or 38.5 percent of GDP, by the end of 2014/2015.
BORROWING REQUIREMENT
* Net borrowing forecast at 169 billion rand for 2012/13, easing to 158 billion rand the next year and 141 billion the year after that.
REVENUE
* Total government revenue for 2012/13 estimated at 905 billion rand, or 27.4 percent of GDP.
SPENDING
* Total government expenditure in 2012/13 seen at 1.1 trillion rand, or 32 percent of GDP. Spending seen at 1.1 trillion and 1.2 trillion rand over the next two years.
INFRASTRUCTURE
* Infrastructure spending seen at 844 billion rand over the next three years. The government has 3.2 trillion rand of potential or existing "mega-projects".
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