Riyaz Patel
“In the last few years, South Africa’s economy has significantly underperformed. Our current GDP performance on a per capita basis is the weakest since the 1960s,” Finance Minister Tito Mboweni said during his department’s budget vote in Parliament Thursday.
Mboweni pointed to domestic constraints as the main cause of persistent under-performance.
South Africa’s “economic growth has lagged behind global and other emerging markets. Real GDP has grown slower than population growth for 5 consecutive years,” he added.
The total allocation to this vote in this financial year is R30.8 billion, Mboweni said.
A large chunk of the minister’s budget vote focussed on embattled state power utility, Eskom.
“Eskom presents the biggest risk to the fiscal framework.”
Finance Minister Tito Mboweni
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