Transcription of 3 Ch3 10 Feb
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3 Ch3 10 Feb
293 Fiscal policy In brief Government is committed to reducing the budget deficit and stabilising debt. Despite weaker GDP growth, the projected deficit for 2014/15 is per cent of GDP, just below the October 2014 estimate. Main budget non-interest expenditure has been reduced by R25 billion over the next two years compared with the 2014 Budget estimate. Capital is the fastest-growing area of non-interest expenditure over the medium term, while goods and services decline in real terms. Compensation stabilises as a share of total expenditure. Taxes will increase by billion in 2015 /16 as a result of higher personal income tax rates, a c/litre increase in the general fuel levy and various excise duties. The Road Accident Fund fuel levy increases by 50 c/litre, generating R9 billion over the next two years.
2015 BUDGET REVIEW 30 the budget deficit and debt-to-GDP ratio. The significant decline in oil prices has reduced inflation and improved South Africa’s terms of trade.
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