S. Africa's budget to consolidate more slowly, rate cuts delayed [Reuters]
NEDBANK GROUP LTD S/ADR (NDBKY)
NASDAQ:AMEX Investor Relations:
nedbank.co.za/content/nedbank/desktop/gt/en/aboutus/investor-center/latest-financial-results.html
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Source: Reuters
off course by poor mining tax receipts, according to a Reuters poll which also showed the central bank would delay interest rate cuts. The consolidated budget deficit will narrow to 5.0% of gross domestic product (GDP) in the fiscal year that begins in March, a poll of economists taken in the past week showed. That is 0.4 percentage point less than previously thought in National Treasury estimates. Ad Break Coming Up Ad Visit Advertiser website GO TO PAGE Further delays are expected in following fiscal years, with deficits narrowing to 4.6% and 4.2% of GDP for the subsequent two years from government estimates of 4.2% and 3.6% in October. "We are coming off a high base in terms of mining receipts, you will recall 2022 was a very good year with a windfall in mining taxes and very favourable commodity prices, unfortunately last year we had a slump in coal prices and also export volumes," said Isaac Matshego, a senior economist at Nedbank. Advertisement · Scroll to contin
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