Eswatini's recent budget projects a wide fiscal deficit for the 2025/26 fiscal year (FY), driven by an increase in recurrent and capital spending. On the revenue side, a large decline in Southern African Customs Union (Sacu) receipts in the upcoming FY is expected to be offset by rising tax revenues. A partial drawdown of E1.0bn from the Sacu Revenue Stabilisation Fund will further support fiscal revenues. The substantial shift in the fiscal balance this year will support economic growth. Consequently, we have upgraded our real GDP growth forecast for 2025 to 4.3% (previously 3.1%).
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