South Africa recorded its first quarterly primary budget surplus since 2018 in the three months through June, a sign that the National Treasury’s efforts to bring spending in line with revenue are succeeding. The government’s primary balance swung to a surplus of R9.8-billion, or 0.6% of gross domestic product, in the first quarter of the 2022 fiscal year, compared with a deficit of 2.2% of GDP in the previous three months, according to the South African Reserve Bank’s Quarterly Bulletin published on Tuesday. A primary surplus, which excludes interest costs, suggests the state can extract resources from the economy necessary to service debt.
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