Government net lending/borrowing in South Africa

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: -4.9% 2027: -4.3% 2028: -4.4% 2029: -4.1% 2030: -3.9% 2031: -3.9%

-3.9 (2031) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 2031	-3.9
Jan 2030	-3.9
Jan 2029	-4.1
Jan 2028	-4.4
Jan 2027	-4.3
Jan 2026	-4.9
Jan 2025	-5.8
Jan 2024	-5.7
Jan 2023	-5.6
Jan 2022	-4.2
Jan 2021	-5.5
Jan 2020	-9.6
Jan 2019	-5.1
Jan 2018	-3.7
Jan 2017	-4.0
Jan 2016	-3.7
Jan 2015	-4.4
Jan 2014	-3.9
Jan 2013	-3.9
Jan 2012	-4.0
Jan 2011	-3.7
Jan 2010	-4.5
Jan 2009	-4.7
Jan 2008	-0.5
Jan 2007	1.2
Jan 2006	0.8
Jan 2005	-0.1
Jan 2004	-1.0
Jan 2003	-1.6
Jan 2002	-1.0
Jan 2001	-1.0
Jan 2000	-1.4

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

Government net lending or borrowing measures the balance of South Africa's national government accounts, showing a deficit when spending exceeds revenue and a surplus in the reverse case. It is usually expressed as a percentage of GDP.

How it's calculated

Calculated as the difference between government revenue and non-financial spending, based on National Treasury budget figures and IMF estimates. The balance is expressed relative to GDP.

Market implications

The deficit drives South Africa's already high debt path and government bond yields. A worsening balance pressures the rand and yields, feeds downgrade risk and narrows the room available to the Treasury and the Reserve Bank (SARB).

Limitations

It is a low-frequency figure subject to revision. The headline balance should be separated from the primary balance (excluding interest), and contingent liabilities of state-owned enterprises such as Eskom, which can fall to the state without showing in the current balance, warrant attention.