South Africa revises official growth forecasts for 2015 and 2016: Capital Economics

Quotes from Capital Economics:

- South Africa's Finance Minister Nhlanhla Nene presented his first budget to parliament on Wednesday, proposing higher consumption taxes in an effort to limit South Africa's fiscal deficit. 

- The minister foresees a fiscal squeeze equivalent to 1.4% of GDP between 2014/15 and 2016/17, the majority of which will come from revenue increases. 

- He also revised the government's official growth forecasts for 2015 and 2016, which are now in line with our own expectations for tepid growth in both years.