National Budget Speech 2022

FAQs about the South African Budget

• When is the Budget Speech?

  The National Budget Speech will be delivered on 23 February 2022 in the Good Hope Chamber, Parliament, by Minister of Finance Enoch Godongwana in what will be his inaugural Budget Speech address.

• What is South Africa's budget deficit?

  South Africa’s budget deficit was estimated at R689.8 [551.9] billion in the previous fiscal year, with gross national debt at 80.3% and expected to rise to 87.3% in 2023/24. South Africa’s debt-service costs were projected at R269.7 billion in 2021. 

• What is South Africa’s GDP forecast in 2022?

  South Africa’s gross domestic product is forecast at R5.67 trillion for 2022/2023, from R5.32 trillion in 2021/2022. This is a measure of the total national output, income and expenditure in the economy.

• What was said in the 2021 Budget Speech?

  In the 2021 National Budget Speech, then-Minister of Finance Tito Mboweni outlined government’s commitment to fiscal consolidation and stabilising spiralling government debt. A potential R40 billion in tax measures was not introduced, with the national economy buoyed by better-than-expected mineral sales and income tax recovery. 

• What was the national budget of South Africa 2021?

  South Africa’s budget expenditure for 2021 was R2.02 trillion, with main budget revenue of R1.35 trillion. R1.21 trillion was allocated to social services such as education and training, public health, and community and social development.