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South Africa's Treasury says GDP rebasing has improved key fiscal metrics

South Africa's National Treasury said on Thursday, 5 November 2026, that last week's rebasing of the country's Gross Domestic Product (GDP) had improved key fiscal metrics, including lowering last year's peak in the debt-to-GDP ratio.

By Kopano Gumbi

5 Nov 2026

Source: Reuters.

Source: Reuters.

The Treasury said in a statement that debt-to-GDP peaked at 74.6% in the 2025/26 fiscal year based on the statistics agency's updated GDP estimates, down from the 78.4% figure given in last month's mid-year budget review.

Statistics South Africa's rebasing and benchmark exercise showed the country's economy was about 5% larger than previously reported.

The Treasury said the 2026/27 main budget deficit was now seen at 3.5% of GDP, against 3.7% in the mid-term budget review.

The primary surplus is forecast at 1.6% of GDP in 2026/27, rising to 2.8% in 2029/30.

Treasury Director General Duncan Pieterse said although the forecast changes were a mechanical revision, they showed the government "continues to achieve its fiscal targets" and is seeing the benefits in lower borrowing costs.

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Source: Reuters

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

Go to: https://www.reuters.com/

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