Govt revises GDP forecast to 7.9 percent

According to the 2011/12 Budget Strategy Paper (BSP) that will form the basis of preparations for the next national budget to be announced next February, the government has revised GDP, revenue and expenditure forecasts for the next three years, laying the foundation to attain the target of a balanced budget by the year 2012/13.

Announcing the 2010/11 national budget early this year, the Minister of Finance and Development Planning (MFDP), Kenneth Matambo, put this year's growth forecast at 5 percent. The government has now adjusted the figure upwards to 7.9 percent due to improved revenues forecasts and trimmed expenditures.