S. Africa Posts First Successive Primary Surplus in 16 Years

South Africa achieved its first back-to-back primary budget surplus in 16 years, signaling its commitment to fiscal discipline.

The continent’s most-industrialized economy posted a primary surplus — where revenue exceeds non-interest expenditure — of 48.9 billion rand ($2.8 billion) or 0.7% of gross domestic product in the year through March 2025, the South African Reserve Bank’s Quarterly Bulletin on Thursday showed. That matched the National Treasury’s May budget forecast, but missed its 2024 estimate of 61 billion rand.