Headlines from South Africa's Treasury as the latest budget is delivered

  • Sees 1.5% growth this year from 2.0%
  • Growth seen rising to 1.7% in 2016 and 2.7% in 2017
  • Sees 2015-16 budget deficit at 3.9% vs 3.8% prior
  • No ratings downgrade expected but one could induce a sudden outflow of foreign capital
  • Gross debt to reach 49% of GDP in current year
  • Sees inflation at 4.8% this year, 6.2% in 2016

USD/ZAR is up to 13.51 from 13.43 on the headlines.

All the focus is on the make-believe Chinese GDP numbers but in almost every other emerging market where the growth figures are somewhat connected to reality, there have been downgrades and disappointment this year.