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National Budget Speech 2023

Setting a course for South Africa's economy in the year ahead

Budget Preview: weaker growth could undermine fiscal consolidation

TIME	DATE
14:00	Wednesday, 22 February 2023

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The Minister of Finance Enoch Godongwana walked a tightrope in providing financial assistance to Eskom, supporting households and increasing investment spending. There was very little on economic reforms, emphasising the urgency for a shift in gears from blueprint policy documents to implementation.

Read on for insights from Investec experts who unpack what the Budget means for your finances.

Budget 2023 commentary

Markets and economy

Treasury throws Eskom a debt lifeline

23 February 2023

The Minister of Finance walked a tightrope in providing financial assistance to Eskom, supporting households and increasing investment spending.

15 min read

Markets and economy

MTBPS: higher borrowing projections increases rating risk

01 November 2023

2023’s Medium–Term Budget Policy Statement has seen deterioration in the fiscal metrics (key of which are government’s debt to GDP and fiscal deficit)

5 min read

Markets and economy

Watt’s next for Eskom debt?

20 February 2023

National Treasury is expected to clarify Eskom’s long-awaited debt restructuring at this week's Budget Speech.

20 min read

Markets and economy

GDP Update: GDP fell by -0.2% qqsa in Q3.23

05 December 2023

The weak GDP outlook is reflective of the fragile economic environment which continues to be plagued by a number of challenges

4 min read

SONA 2023 commentary

Markets and economy

SONA: Will Ramaphosa be emboldened to take action?

07 February 2023

Will President Ramaphosa use his newfound consolidation of power to truly ramp up economic reform?

10 min read

When is the budget speech?

The National Budget Speech will be delivered on 22 February 2023 in the Good Hope Chamber, Parliament, by Minister of Finance Enoch Godongwane.

What is South Africa's budget deficit?

South Africa’s budget deficit totals some R288.9 billion in 2023. It is projected to narrow from 4.1% of GDP in 2023/24 to 3.2% in 2025/26. Gross debt is projected to stabilise at 71.4 per cent of GDP this year.

What was the national budget of South Africa 2022?

South Africa’s budget expenditure for 2022 was R2.2 trillion, with main budget revenue of R1.88 trillion. R1.9 trillion was allocated to social services such as education and training, public health, and community and social development.