Headwinds are set to hinder the rand
MARKET VOICE
Somehow, South Africa has done it again. Despite a largely expected downgrade to the 2006 GDP growth forecast, from 5.0% to 4.4%, significantly improved projections for the budget balance were unveiled in the medium-term budget.
News of revenue overruns this fiscal year had already been built into market expectations, but the eventual announcement still provided a positive surprise. In the 2006/07 fiscal year, the budget deficit is expected to decline to only -0.4% of GDP from an initial
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