Document Description
BER Comment

Date: 2013 - February
Document Type: BER Comment
Description: A brief note – distributed via email and released on our website – intended as a more regular interface with our clients, the emphasis being to provide our interpretations of important economic events
Title: A responsible Budget in difficult times

The 2013 Budget painted a sobering picture of the SA economy with GDP growth and government revenue estimates revised down. Despite this, the Treasury opted not to increase personal and corporate taxes as a way to plug the revenue gap. As usually, specific indirect taxes were raised. However, in Finance Minister Pravin Gordhan’s fourth Budget the focus was rather on constraining spending. As a result, government was able to submit similar projections for the medium-term fiscal consolidation than was the case in the October 2012 Medium-Term Budget Policy Statement (MTBPS).

Size: 464KB
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