National Budget Speech 2023

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

Enoch Godongwana


Budget Preview: weaker growth could undermine fiscal consolidation

The 2023 Budget Speech:




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

SONA 2023 commentary

Budget Speech 2022 summary

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.

The 2023 Budget Speech:

The opinions and views expressed are for information purposes only and are subject to change without notice. They should not be viewed as independent research, recommendations or investment advice of any nature.