SA credit growth remains weak: Gigaba

SA credit growth remains weak: Gigaba

The Finance Minister will deliver his mid-term budget on the 25th of October - giving South Africans a clearer picture on how their taxes are being spent by the government.  

Gigaba: Government must stick to budget ceiling
Slindelo Masikane

Malusi Gigaba says South Africa's one of the largest tax-paying nations in the world.

"At least 26% or more of South Africans pay tax. More South Africans pay tax in proportion to our population, compared to Americans. South Africans finance their own budgets. Our budget is not made up of donor funds and grants," says Gigaba. 

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Speaking later at the launch of the 2017 Tax Indaba, Gigaba said while GDP growth rebounded in the second quarter of this year after contraction in two consecutive quarters - there are some challenges.

"GDP grew by 2.5% in Quarter two on a quarter-on-quarter basis. Despite this rebound, other indicators of household consumption including consumer confidence, employment prospects and credit growth - unfortunately remain weak. The most important step we can take in developing our country is to get more South Africans working," he says. 

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