* Gordhan sees more optimistic outlook for economy
* Trims 2011/2012 deficit forecast to 4.5 percent
(Recasts with details, background)
PRETORIA, April 1 (Reuters) – South Africa’s revenue
collection for the just ended 2011/2012 financial year beat
targets, leading to a narrower budget deficit and contributing
to a more optimistic economic outlook, Finance Minister Pravin
Gordhan said on Sunday.
The revenue service collected 742.7 billion rand ($96.77
billion) in the fiscal year ended March 31, compared with a
target of 738.7 billion rand, Gordhan told a news conference.
He said this resulted in a narrower estimated budget deficit
for Africa’s biggest economy of 4.5 percent of gross domestic
product for 2011/2012, compared with the 4.8 percent projected
in February.
“The preliminary revenue performance has firmed up the
forecast 2012 budget projections and therefore removes the
requirement for additional borrowing,” Gordhan said.
“The revenue service has again served South Africa extremely
well. The numbers that they have … and what we see in the
economy, seems to indicate that we can have a slightly more
optimistic view,” he added.
The Treasury sees a budget shortfall equal to 4.6 percent of
GDP for the 2012/2013 financial year that has just started,
narrowing to 3.0 percent by 2014/2015.
In February the Treasury forecast economic growth of 2.7
percent for 2012, while the Reserve Bank put out a more
optimistic prediction of 3.0 percent on Thursday.
“There is a cautious recovery … room for cautious optimism
as far as the economy is concerned,” Gordhan said on Sunday, but
declined to say whether the government might further revise
growth forecasts upwards.
($1 = 7.6745 South African rand)
(Reporting by Stella Mapenzauswa, editing by Ed Stoddard)
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