Abstract
This 2014 Article IV Consultation highlights that since 2010, the Lesotho’s economy has performed well with the growth of real GDP averaging over 5 percent a year and inflation held to single-digit levels. International reserves have recovered to close to 5 months of import coverage after dipping to 3½ months of imports in 2012 in the wake of the balance of payments and fiscal crisis. The economic outlook for Lesotho is positive with strong economic growth and low inflation. Economic activity is expected to be supported by large public investment projects, including the second phase of Lesotho Highland Water Project.
Recent Developments, Outlook and Risks
A. Economic Developments in 2010/11–2013/14
1. The Lesotho economy performed well in recent years, despite being hit by a severe balance of payments and fiscal shock and periods of adverse weather conditions for agriculture. Since fiscal year 2010/11 (April-March), real GDP growth averaged just over 5 percent a year—driven by large scale investments in the mining and water sectors—while annual inflation fluctuated between 3½ and 6 percent (Tables 1-6 and Figures 1–3). An ample stock of official international reserves, together with a large fiscal adjustment initiated in 2010/11, was critical to this positive outturn, as revenue from the Southern African Customs Union (SACU)—which is also Lesotho’s main source of foreign exchange—fell by more than half (to about 15 percent of GDP a year in 2010/11 and 2011/12). The Lesotho loti’s hard peg to the South African rand remained secure throughout this crisis, but a large share of international reserves was consumed in the process. Maintaining a relatively tight fiscal stance then allowed for a rapid replenishment of international reserves, when SACU revenues recovered in 2012/13. This adjustment effort was supported by the Fund with a three-year arrangement under the Extended Credit Facility (ECF), which was successfully concluded in September 2013 (Box 1).
Lesotho: Selected Economic Indicators, 2010/11–2019/20 1
The fiscal year runs from April 1 to March 31.
IMF Information Notice System trade-weighted; end of period. For 2013/14 it is the latest observation as of October 2013.
Reserve coverage of 5 months of imports is estimated as adequate for maintaining the exchange rate peg and providing a fiscal cushion to avoid abrupt adjustment. Reserves in excess of 5 months of imports constitute savings for future capital budget expenditure.
12-month time deposits rate. The 2013/14 interest rate is as of end-December 2013.
Excluding changes in inventories.
Excluding externally financed capital project.
Lesotho: Selected Economic Indicators, 2010/11–2019/20 1
| Population (1,000; 2011 est.) | 2194 | |||||||||||
| GNI per capita (U.S. dollars; 2011 est.): | 1220 | |||||||||||
| Poverty rate (Percent, 2005 est.): | 56.6 | |||||||||||
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | |||
| Act. | Act. | Act. | Prel. | Projections | ||||||||
| (Percentage changes; unless otherwise indicated) | ||||||||||||
| National account and prices | ||||||||||||
| GDP at constant prices | 6.0 | 3.8 | 6.7 | 5.4 | 4.0 | 4.9 | 5.0 | 5.5 | 5.5 | 5.6 | ||
| GDP deflator | 4.6 | 7.4 | 1.7 | 7.6 | 5.2 | 6.1 | 5.1 | 4.8 | 4.8 | 4.8 | ||
| GDP at market prices | ||||||||||||
| (Maloti millions) | 16,455 | 18,330 | 19,893 | 22,556 | 24,665 | 27,453 | 30,282 | 33,480 | 37,031 | 40,971 | ||
| Consumer prices (average) | 3.4 | 6.0 | 5.6 | 5.0 | 5.5 | 5.5 | 5.0 | 5.0 | 5.0 | 5.0 | ||
| External sector | ||||||||||||
| Terms of trade (deterioration -) | 4.0 | 9.1 | −9.5 | 0.7 | 8.0 | 1.4 | 0.1 | 1.0 | 1.0 | 1.0 | ||
| Average exchange rate | ||||||||||||
| (Local currency per U.S. dollar) | 7.2 | 7.4 | 8.6 | 9.6 | … | … | … | … | … | … | ||
| Nominal effective exchange rate change (− = depreciation) 2 | 4.0 | −7.1 | −14.4 | −11.5 | … | … | … | … | … | … | ||
| Real effective exchange rate (− = depreciation) 2 | 5.4 | −3.6 | −12.1 | −9.3 | … | … | … | … | … | … | ||
| Current account balance | ||||||||||||
| (Including official transfers, percent of GDP) | −7.5 | −9.0 | −2.7 | −1.0 | −1.0 | −9.0 | −10.4 | −8.5 | −10.3 | −11.1 | ||
| (Excluding official transfers, percent of GDP) | −29.3 | −29.0 | −36.6 | −32.7 | −33.1 | −39.1 | −37.2 | −35.8 | −36.9 | −37.7 | ||
| Gross international reserves | ||||||||||||
| (Months of imports) 3 | 4.0 | 3.6 | 4.6 | 4.8 | 4.7 | 4.1 | 3.8 | 3.8 | 3.8 | 3.9 | ||
| (Percent of M1) | 144 | 139 | 179 | 160 | 162 | 156 | 145 | 151 | 154.4 | 159.5 | ||
| Money and credit | ||||||||||||
| Domestic credit to the private sector | 26.9 | 25.1 | 42.2 | 20.0 | 17.0 | … | … | … | … | … | ||
| Broad money | 1.1 | 5.0 | 6.1 | 24.9 | 9.0 | … | … | … | … | … | ||
| Interest rate (percent) 4 | 3.2 | 2.8 | 2.4 | 2.3 | … | … | … | … | … | … | ||
| (Percent of GDP; unless otherwise indicated) | ||||||||||||
| Savings and investment | ||||||||||||
| Gross capital formation 5 | 29.0 | 34.9 | 35.6 | 33.3 | 36.4 | 37.7 | 38.0 | 38.4 | 39.8 | 42.5 | ||
| Public | 12.2 | 20.0 | 20.7 | 18.4 | 21.6 | 23.0 | 23.4 | 23.9 | 25.3 | 27.9 | ||
| Private | 15.1 | 14.6 | 14.6 | 14.5 | 14.4 | 14.3 | 14.2 | 14.2 | 14.2 | 14.2 | ||
| National savings | 21.5 | 25.9 | 32.8 | 32.3 | 35.4 | 28.8 | 27.6 | 29.9 | 29.6 | 31.3 | ||
| Public | 5.8 | 10.2 | 24.7 | 16.7 | 17.3 | 16.7 | 14.6 | 14.2 | 14.1 | 13.6 | ||
| Private | 15.8 | 15.8 | 8.1 | 15.6 | 18.1 | 12.0 | 13.0 | 15.7 | 15.4 | 17.8 | ||
| Public debt | 34.9 | 37.6 | 39.7 | 41.9 | 40.5 | 40.7 | 41.3 | 42.7 | 45.0 | 48.8 | ||
| External public debt | 30.2 | 31.5 | 36.5 | 39.0 | 37.9 | 38.3 | 39.2 | 40.8 | 43.1 | 46.1 | ||
| Domestic debt | 4.8 | 6.1 | 3.2 | 2.9 | 2.6 | 2.4 | 2.1 | 1.9 | 1.9 | 2.7 | ||
| Central government fiscal operations | ||||||||||||
| Net lending/borrowing | −5.0 | −10.6 | 5.0 | −1.2 | −1.8 | −1.3 | −3.1 | −3.6 | −3.8 | −4.5 | ||
| (Excluding grants) | −12.3 | −18.4 | −3.6 | −6.6 | −6.1 | −5.1 | −6.7 | −7.3 | −7.5 | −8.1 | ||
| Non-SACU fiscal balance 6 | −20.2 | −23.5 | −20.7 | −23.4 | −25.8 | −23.3 | −22.4 | −22.2 | −21.8 | −21.3 | ||
| Revenue | 52.0 | 52.5 | 66.1 | 58.9 | 60.5 | 58.2 | 55.2 | 54.5 | 53.9 | 52.8 | ||
| Of which: grants | 7.3 | 7.8 | 8.6 | 5.3 | 4.2 | 3.8 | 3.6 | 3.7 | 3.7 | 3.6 | ||
| Expenses | 45.3 | 47.4 | 44.1 | 45.5 | 46.5 | 44.9 | 43.7 | 43.6 | 43.2 | 42.7 | ||
| Nonfinancial assets | 11.7 | 15.7 | 17.1 | 14.6 | 15.8 | 14.6 | 14.5 | 14.5 | 14.5 | 14.5 | ||
The fiscal year runs from April 1 to March 31.
IMF Information Notice System trade-weighted; end of period. For 2013/14 it is the latest observation as of October 2013.
Reserve coverage of 5 months of imports is estimated as adequate for maintaining the exchange rate peg and providing a fiscal cushion to avoid abrupt adjustment. Reserves in excess of 5 months of imports constitute savings for future capital budget expenditure.
12-month time deposits rate. The 2013/14 interest rate is as of end-December 2013.
Excluding changes in inventories.
Excluding externally financed capital project.
Lesotho: Selected Economic Indicators, 2010/11–2019/20 1
| Population (1,000; 2011 est.) | 2194 | |||||||||||
| GNI per capita (U.S. dollars; 2011 est.): | 1220 | |||||||||||
| Poverty rate (Percent, 2005 est.): | 56.6 | |||||||||||
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | |||
| Act. | Act. | Act. | Prel. | Projections | ||||||||
| (Percentage changes; unless otherwise indicated) | ||||||||||||
| National account and prices | ||||||||||||
| GDP at constant prices | 6.0 | 3.8 | 6.7 | 5.4 | 4.0 | 4.9 | 5.0 | 5.5 | 5.5 | 5.6 | ||
| GDP deflator | 4.6 | 7.4 | 1.7 | 7.6 | 5.2 | 6.1 | 5.1 | 4.8 | 4.8 | 4.8 | ||
| GDP at market prices | ||||||||||||
| (Maloti millions) | 16,455 | 18,330 | 19,893 | 22,556 | 24,665 | 27,453 | 30,282 | 33,480 | 37,031 | 40,971 | ||
| Consumer prices (average) | 3.4 | 6.0 | 5.6 | 5.0 | 5.5 | 5.5 | 5.0 | 5.0 | 5.0 | 5.0 | ||
| External sector | ||||||||||||
| Terms of trade (deterioration -) | 4.0 | 9.1 | −9.5 | 0.7 | 8.0 | 1.4 | 0.1 | 1.0 | 1.0 | 1.0 | ||
| Average exchange rate | ||||||||||||
| (Local currency per U.S. dollar) | 7.2 | 7.4 | 8.6 | 9.6 | … | … | … | … | … | … | ||
| Nominal effective exchange rate change (− = depreciation) 2 | 4.0 | −7.1 | −14.4 | −11.5 | … | … | … | … | … | … | ||
| Real effective exchange rate (− = depreciation) 2 | 5.4 | −3.6 | −12.1 | −9.3 | … | … | … | … | … | … | ||
| Current account balance | ||||||||||||
| (Including official transfers, percent of GDP) | −7.5 | −9.0 | −2.7 | −1.0 | −1.0 | −9.0 | −10.4 | −8.5 | −10.3 | −11.1 | ||
| (Excluding official transfers, percent of GDP) | −29.3 | −29.0 | −36.6 | −32.7 | −33.1 | −39.1 | −37.2 | −35.8 | −36.9 | −37.7 | ||
| Gross international reserves | ||||||||||||
| (Months of imports) 3 | 4.0 | 3.6 | 4.6 | 4.8 | 4.7 | 4.1 | 3.8 | 3.8 | 3.8 | 3.9 | ||
| (Percent of M1) | 144 | 139 | 179 | 160 | 162 | 156 | 145 | 151 | 154.4 | 159.5 | ||
| Money and credit | ||||||||||||
| Domestic credit to the private sector | 26.9 | 25.1 | 42.2 | 20.0 | 17.0 | … | … | … | … | … | ||
| Broad money | 1.1 | 5.0 | 6.1 | 24.9 | 9.0 | … | … | … | … | … | ||
| Interest rate (percent) 4 | 3.2 | 2.8 | 2.4 | 2.3 | … | … | … | … | … | … | ||
| (Percent of GDP; unless otherwise indicated) | ||||||||||||
| Savings and investment | ||||||||||||
| Gross capital formation 5 | 29.0 | 34.9 | 35.6 | 33.3 | 36.4 | 37.7 | 38.0 | 38.4 | 39.8 | 42.5 | ||
| Public | 12.2 | 20.0 | 20.7 | 18.4 | 21.6 | 23.0 | 23.4 | 23.9 | 25.3 | 27.9 | ||
| Private | 15.1 | 14.6 | 14.6 | 14.5 | 14.4 | 14.3 | 14.2 | 14.2 | 14.2 | 14.2 | ||
| National savings | 21.5 | 25.9 | 32.8 | 32.3 | 35.4 | 28.8 | 27.6 | 29.9 | 29.6 | 31.3 | ||
| Public | 5.8 | 10.2 | 24.7 | 16.7 | 17.3 | 16.7 | 14.6 | 14.2 | 14.1 | 13.6 | ||
| Private | 15.8 | 15.8 | 8.1 | 15.6 | 18.1 | 12.0 | 13.0 | 15.7 | 15.4 | 17.8 | ||
| Public debt | 34.9 | 37.6 | 39.7 | 41.9 | 40.5 | 40.7 | 41.3 | 42.7 | 45.0 | 48.8 | ||
| External public debt | 30.2 | 31.5 | 36.5 | 39.0 | 37.9 | 38.3 | 39.2 | 40.8 | 43.1 | 46.1 | ||
| Domestic debt | 4.8 | 6.1 | 3.2 | 2.9 | 2.6 | 2.4 | 2.1 | 1.9 | 1.9 | 2.7 | ||
| Central government fiscal operations | ||||||||||||
| Net lending/borrowing | −5.0 | −10.6 | 5.0 | −1.2 | −1.8 | −1.3 | −3.1 | −3.6 | −3.8 | −4.5 | ||
| (Excluding grants) | −12.3 | −18.4 | −3.6 | −6.6 | −6.1 | −5.1 | −6.7 | −7.3 | −7.5 | −8.1 | ||
| Non-SACU fiscal balance 6 | −20.2 | −23.5 | −20.7 | −23.4 | −25.8 | −23.3 | −22.4 | −22.2 | −21.8 | −21.3 | ||
| Revenue | 52.0 | 52.5 | 66.1 | 58.9 | 60.5 | 58.2 | 55.2 | 54.5 | 53.9 | 52.8 | ||
| Of which: grants | 7.3 | 7.8 | 8.6 | 5.3 | 4.2 | 3.8 | 3.6 | 3.7 | 3.7 | 3.6 | ||
| Expenses | 45.3 | 47.4 | 44.1 | 45.5 | 46.5 | 44.9 | 43.7 | 43.6 | 43.2 | 42.7 | ||
| Nonfinancial assets | 11.7 | 15.7 | 17.1 | 14.6 | 15.8 | 14.6 | 14.5 | 14.5 | 14.5 | 14.5 | ||
The fiscal year runs from April 1 to March 31.
IMF Information Notice System trade-weighted; end of period. For 2013/14 it is the latest observation as of October 2013.
Reserve coverage of 5 months of imports is estimated as adequate for maintaining the exchange rate peg and providing a fiscal cushion to avoid abrupt adjustment. Reserves in excess of 5 months of imports constitute savings for future capital budget expenditure.
12-month time deposits rate. The 2013/14 interest rate is as of end-December 2013.
Excluding changes in inventories.
Excluding externally financed capital project.
Lesotho: Fiscal Operations of the Central Government, 2010/11–2019/20 1
(Maloti millions)
The fiscal year runs from April 1 to March 31.
Other taxes are not shown in the table.
The remaining balances on non-Treasury accounts at the end of the fiscal year explain the bulk of the statistical discrepancy.
Core SACU revenue is set at 15 percent of GDP, close to the lowest historical level, far below the historical average (26 percent of GDP for the last 20 years).
Lesotho: Fiscal Operations of the Central Government, 2010/11–2019/20 1
(Maloti millions)
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Est. | Prel. | Projections | |||||||||||
| Revenue | 8,559 | 9,616 | 13,150 | 13,280 | 14,915 | 15,974 | 16,706 | 18,235 | 19,959 | 21,616 | |||||
| Tax revenue 2 | 3,499 | 4,283 | 4,595 | 4,996 | 5,493 | 6,167 | 6,880 | 7,622 | 8,437 | 9,359 | |||||
| Taxes on income, profits, and capital gain | 1,957 | 2,395 | 2,349 | 2,680 | 2,944 | 3,333 | 3,720 | 4,111 | 4,547 | 5,057 | |||||
| Taxes on property | 106 | 125 | 150 | 196 | 257 | 282 | 313 | 347 | 384 | 423 | |||||
| Taxes on goods and services | 1,414 | 1,590 | 1,819 | 1,882 | 2,053 | 2,288 | 2,550 | 2,822 | 3,123 | 3,460 | |||||
| Taxes on international trade | 18 | 151 | 277 | 235 | 232 | 257 | 289 | 334 | 375 | 413 | |||||
| Grants | 1,200 | 1,437 | 1,703 | 1,198 | 1,044 | 1,044 | 1,097 | 1,224 | 1,364 | 1,490 | |||||
| Budget support | 372 | 290 | 196 | 300 | 150 | 150 | 150 | 177 | 206 | 217 | |||||
| Project grants | 828 | 1,147 | 1,507 | 898 | 894 | 894 | 947 | 1,047 | 1,158 | 1,273 | |||||
| Of which: MCC | 295 | 575 | 1,122 | 347 | … | … | … | … | … | … | |||||
| Non-tax revenue | 1,232 | 1,143 | 885 | 1,031 | 1,344 | 1,387 | 1,465 | 1,616 | 1,788 | 1,987 | |||||
| Property Income | 652 | 419 | 109 | 142 | 355 | 353 | 364 | 398 | 440 | 483 | |||||
| Sales of goods and services | 530 | 692 | 772 | 886 | 946 | 1,007 | 1,079 | 1,193 | 1,319 | 1,471 | |||||
| Other non-tax revenue | 50 | 32 | 4 | 2 | 43 | 27 | 22 | 25 | 29 | 33 | |||||
| SACU | 2,628 | 2,753 | 5,966 | 6,055 | 7,034 | 7,376 | 7,264 | 7,774 | 8,371 | 8,780 | |||||
| Of which: volatile component | 160 | 3 | 2,982 | 2,671 | 3,334 | 3,258 | 2,722 | 2,752 | 2,816 | 2,634 | |||||
| Expense | 7,459 | 8,680 | 8,764 | 10,269 | 11,469 | 12,317 | 13,242 | 14,586 | 16,014 | 17,514 | |||||
| Compensation of employees | 3,199 | 3,638 | 3,749 | 4,492 | 5,104 | 5,558 | 6,067 | 6,685 | 7,298 | 7,942 | |||||
| Wages and salaries | 2,881 | 3,136 | 3,226 | 3,855 | 4,372 | 4,819 | 5,273 | 5,822 | 6,357 | 6,919 | |||||
| Social contributions | 319 | 503 | 522 | 637 | 731 | 738 | 795 | 863 | 941 | 1,023 | |||||
| Use of goods and services | 1,918 | 2,177 | 2,356 | 2,825 | 3,320 | 3,608 | 3,853 | 4,215 | 4,620 | 5,054 | |||||
| Interest payments | 96 | 137 | 166 | 232 | 240 | 272 | 287 | 357 | 407 | 447 | |||||
| Domestic | 43 | 68 | 85 | 132 | 112 | 130 | 130 | 160 | 210 | 210 | |||||
| External | 53 | 69 | 81 | 99 | 128 | 142 | 157 | 197 | 197 | 237 | |||||
| Subsidies | 232 | 237 | 253 | 235 | 275 | 266 | 274 | 290 | 306 | 344 | |||||
| Grants | 707 | 960 | 882 | 898 | 696 | 744 | 798 | 891 | 1,001 | 1,101 | |||||
| Social benefits | 600 | 587 | 611 | 817 | 886 | 918 | 964 | 1,068 | 1,183 | 1,312 | |||||
| Other expenses | 707 | 943 | 747 | 771 | 949 | 951 | 999 | 1,080 | 1,198 | 1,315 | |||||
| Gross operating balance | 1,100 | 936 | 4,386 | 3,011 | 3,446 | 3,656 | 3,463 | 3,649 | 3,946 | 4,102 | |||||
| Nonfinancial assets | 1,923 | 2,877 | 3,396 | 3,290 | 3,896 | 4,000 | 4,404 | 4,855 | 5,355 | 5,936 | |||||
| Net lending/borrowing | −822 | −1,941 | 989 | −279 | −450 | −344 | −941 | −1,206 | −1,409 | −1,834 | |||||
| Transactions in financial assets and liabilities | −218 | −1,370 | 1,496 | −279 | −450 | −344 | −941 | −1,206 | −1,409 | −1,834 | |||||
| Financial assets | −663 | −870 | 1,670 | 463 | 368 | 578 | 57 | −85 | −109 | −99 | |||||
| Domestic | −663 | −870 | 1,670 | 462 | 367 | 577 | 56 | −86 | −111 | −101 | |||||
| Deposits | −666 | −870 | 1,670 | 462 | 367 | 577 | 56 | −86 | −111 | −101 | |||||
| Central bank | −646 | −870 | 1,670 | 462 | 367 | 577 | 56 | −86 | −111 | −101 | |||||
| Commercial banks | −21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Loans | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Financial liabilities | −446 | 500 | 173 | 742 | 818 | 922 | 998 | 1,121 | 1,300 | 1,735 | |||||
| Domestic | −373 | 334 | −474 | 0 | 0 | 0 | 0 | 0 | 69 | 380 | |||||
| Foreign | −73 | 166 | 647 | 742 | 818 | 922 | 998 | 1,121 | 1,232 | 1,355 | |||||
| Disbursements | 128 | 388 | 866 | 1,052 | 1,123 | 1,327 | 1,433 | 1,556 | 1,715 | 1,889 | |||||
| Amortization | −201 | −222 | −220 | −310 | −305 | −405 | −434 | −435 | −484 | −534 | |||||
| Statistical discrepancy 3 | −605 | −572 | −507 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Memorandum items: | |||||||||||||||
| Recurrent expenditure | 6,385 | 7,492 | 7,806 | 9,388 | 10,364 | 10,769 | 11,735 | 13,004 | 14,248 | 15,536 | |||||
| Capital expenditure | 2,996 | 4,065 | 4,355 | 4,171 | 5,002 | 5,548 | 5,911 | 6,437 | 7,120 | 7,914 | |||||
| Domestically financed | 1,884 | 2,530 | 1,981 | 2,221 | 2,984 | 3,328 | 3,532 | 3,835 | 4,247 | 4,752 | |||||
| Externally financed | 956 | 1,534 | 2,374 | 1,951 | 2,017 | 2,221 | 2,379 | 2,602 | 2,873 | 3,162 | |||||
| Non-SACU fiscal balance, including foreign-financed | |||||||||||||||
| capital projects | −3,450 | −4,694 | −4,977 | −6,334 | −7,485 | −7,720 | −8,205 | −8,979 | −9,780 | −10,614 | |||||
| Non-SACU fiscal balance, excluding foreign- | |||||||||||||||
| financed capital projects | −3,323 | −4,307 | −4,111 | −5,282 | −6,361 | −6,393 | −6,773 | −7,424 | −8,065 | −8,725 | |||||
| Core SACU fiscal balance (ex. volatile SACU and | |||||||||||||||
| foreign project loans) 4 | −854 | −1,557 | −1,127 | −1,898 | −2,662 | −2,275 | −2,230 | −2,402 | −2,510 | −2,579 | |||||
The fiscal year runs from April 1 to March 31.
Other taxes are not shown in the table.
The remaining balances on non-Treasury accounts at the end of the fiscal year explain the bulk of the statistical discrepancy.
Core SACU revenue is set at 15 percent of GDP, close to the lowest historical level, far below the historical average (26 percent of GDP for the last 20 years).
Lesotho: Fiscal Operations of the Central Government, 2010/11–2019/20 1
(Maloti millions)
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Est. | Prel. | Projections | |||||||||||
| Revenue | 8,559 | 9,616 | 13,150 | 13,280 | 14,915 | 15,974 | 16,706 | 18,235 | 19,959 | 21,616 | |||||
| Tax revenue 2 | 3,499 | 4,283 | 4,595 | 4,996 | 5,493 | 6,167 | 6,880 | 7,622 | 8,437 | 9,359 | |||||
| Taxes on income, profits, and capital gain | 1,957 | 2,395 | 2,349 | 2,680 | 2,944 | 3,333 | 3,720 | 4,111 | 4,547 | 5,057 | |||||
| Taxes on property | 106 | 125 | 150 | 196 | 257 | 282 | 313 | 347 | 384 | 423 | |||||
| Taxes on goods and services | 1,414 | 1,590 | 1,819 | 1,882 | 2,053 | 2,288 | 2,550 | 2,822 | 3,123 | 3,460 | |||||
| Taxes on international trade | 18 | 151 | 277 | 235 | 232 | 257 | 289 | 334 | 375 | 413 | |||||
| Grants | 1,200 | 1,437 | 1,703 | 1,198 | 1,044 | 1,044 | 1,097 | 1,224 | 1,364 | 1,490 | |||||
| Budget support | 372 | 290 | 196 | 300 | 150 | 150 | 150 | 177 | 206 | 217 | |||||
| Project grants | 828 | 1,147 | 1,507 | 898 | 894 | 894 | 947 | 1,047 | 1,158 | 1,273 | |||||
| Of which: MCC | 295 | 575 | 1,122 | 347 | … | … | … | … | … | … | |||||
| Non-tax revenue | 1,232 | 1,143 | 885 | 1,031 | 1,344 | 1,387 | 1,465 | 1,616 | 1,788 | 1,987 | |||||
| Property Income | 652 | 419 | 109 | 142 | 355 | 353 | 364 | 398 | 440 | 483 | |||||
| Sales of goods and services | 530 | 692 | 772 | 886 | 946 | 1,007 | 1,079 | 1,193 | 1,319 | 1,471 | |||||
| Other non-tax revenue | 50 | 32 | 4 | 2 | 43 | 27 | 22 | 25 | 29 | 33 | |||||
| SACU | 2,628 | 2,753 | 5,966 | 6,055 | 7,034 | 7,376 | 7,264 | 7,774 | 8,371 | 8,780 | |||||
| Of which: volatile component | 160 | 3 | 2,982 | 2,671 | 3,334 | 3,258 | 2,722 | 2,752 | 2,816 | 2,634 | |||||
| Expense | 7,459 | 8,680 | 8,764 | 10,269 | 11,469 | 12,317 | 13,242 | 14,586 | 16,014 | 17,514 | |||||
| Compensation of employees | 3,199 | 3,638 | 3,749 | 4,492 | 5,104 | 5,558 | 6,067 | 6,685 | 7,298 | 7,942 | |||||
| Wages and salaries | 2,881 | 3,136 | 3,226 | 3,855 | 4,372 | 4,819 | 5,273 | 5,822 | 6,357 | 6,919 | |||||
| Social contributions | 319 | 503 | 522 | 637 | 731 | 738 | 795 | 863 | 941 | 1,023 | |||||
| Use of goods and services | 1,918 | 2,177 | 2,356 | 2,825 | 3,320 | 3,608 | 3,853 | 4,215 | 4,620 | 5,054 | |||||
| Interest payments | 96 | 137 | 166 | 232 | 240 | 272 | 287 | 357 | 407 | 447 | |||||
| Domestic | 43 | 68 | 85 | 132 | 112 | 130 | 130 | 160 | 210 | 210 | |||||
| External | 53 | 69 | 81 | 99 | 128 | 142 | 157 | 197 | 197 | 237 | |||||
| Subsidies | 232 | 237 | 253 | 235 | 275 | 266 | 274 | 290 | 306 | 344 | |||||
| Grants | 707 | 960 | 882 | 898 | 696 | 744 | 798 | 891 | 1,001 | 1,101 | |||||
| Social benefits | 600 | 587 | 611 | 817 | 886 | 918 | 964 | 1,068 | 1,183 | 1,312 | |||||
| Other expenses | 707 | 943 | 747 | 771 | 949 | 951 | 999 | 1,080 | 1,198 | 1,315 | |||||
| Gross operating balance | 1,100 | 936 | 4,386 | 3,011 | 3,446 | 3,656 | 3,463 | 3,649 | 3,946 | 4,102 | |||||
| Nonfinancial assets | 1,923 | 2,877 | 3,396 | 3,290 | 3,896 | 4,000 | 4,404 | 4,855 | 5,355 | 5,936 | |||||
| Net lending/borrowing | −822 | −1,941 | 989 | −279 | −450 | −344 | −941 | −1,206 | −1,409 | −1,834 | |||||
| Transactions in financial assets and liabilities | −218 | −1,370 | 1,496 | −279 | −450 | −344 | −941 | −1,206 | −1,409 | −1,834 | |||||
| Financial assets | −663 | −870 | 1,670 | 463 | 368 | 578 | 57 | −85 | −109 | −99 | |||||
| Domestic | −663 | −870 | 1,670 | 462 | 367 | 577 | 56 | −86 | −111 | −101 | |||||
| Deposits | −666 | −870 | 1,670 | 462 | 367 | 577 | 56 | −86 | −111 | −101 | |||||
| Central bank | −646 | −870 | 1,670 | 462 | 367 | 577 | 56 | −86 | −111 | −101 | |||||
| Commercial banks | −21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Loans | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Financial liabilities | −446 | 500 | 173 | 742 | 818 | 922 | 998 | 1,121 | 1,300 | 1,735 | |||||
| Domestic | −373 | 334 | −474 | 0 | 0 | 0 | 0 | 0 | 69 | 380 | |||||
| Foreign | −73 | 166 | 647 | 742 | 818 | 922 | 998 | 1,121 | 1,232 | 1,355 | |||||
| Disbursements | 128 | 388 | 866 | 1,052 | 1,123 | 1,327 | 1,433 | 1,556 | 1,715 | 1,889 | |||||
| Amortization | −201 | −222 | −220 | −310 | −305 | −405 | −434 | −435 | −484 | −534 | |||||
| Statistical discrepancy 3 | −605 | −572 | −507 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Memorandum items: | |||||||||||||||
| Recurrent expenditure | 6,385 | 7,492 | 7,806 | 9,388 | 10,364 | 10,769 | 11,735 | 13,004 | 14,248 | 15,536 | |||||
| Capital expenditure | 2,996 | 4,065 | 4,355 | 4,171 | 5,002 | 5,548 | 5,911 | 6,437 | 7,120 | 7,914 | |||||
| Domestically financed | 1,884 | 2,530 | 1,981 | 2,221 | 2,984 | 3,328 | 3,532 | 3,835 | 4,247 | 4,752 | |||||
| Externally financed | 956 | 1,534 | 2,374 | 1,951 | 2,017 | 2,221 | 2,379 | 2,602 | 2,873 | 3,162 | |||||
| Non-SACU fiscal balance, including foreign-financed | |||||||||||||||
| capital projects | −3,450 | −4,694 | −4,977 | −6,334 | −7,485 | −7,720 | −8,205 | −8,979 | −9,780 | −10,614 | |||||
| Non-SACU fiscal balance, excluding foreign- | |||||||||||||||
| financed capital projects | −3,323 | −4,307 | −4,111 | −5,282 | −6,361 | −6,393 | −6,773 | −7,424 | −8,065 | −8,725 | |||||
| Core SACU fiscal balance (ex. volatile SACU and | |||||||||||||||
| foreign project loans) 4 | −854 | −1,557 | −1,127 | −1,898 | −2,662 | −2,275 | −2,230 | −2,402 | −2,510 | −2,579 | |||||
The fiscal year runs from April 1 to March 31.
Other taxes are not shown in the table.
The remaining balances on non-Treasury accounts at the end of the fiscal year explain the bulk of the statistical discrepancy.
Core SACU revenue is set at 15 percent of GDP, close to the lowest historical level, far below the historical average (26 percent of GDP for the last 20 years).
Lesotho: Fiscal Operations of the Central Government, 2010/11–2019/20 1
(Percent of GDP)
The fiscal year runs from April 1 to March 31.
Other taxes are not shown in the table.
The remaining balances on non-Treasury accounts at the end of the fiscal year explain the bulk of the statistical discrepancy.
Core SACU revenue is set at 15 percent of GDP, close to the lowest historical level, far below the historical average (26 percent of GDP for the last 20 years).
Lesotho: Fiscal Operations of the Central Government, 2010/11–2019/20 1
(Percent of GDP)
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Est. | Prel. | Projections | |||||||||||
| Revenue | 52.0 | 52.5 | 66.1 | 58.9 | 60.5 | 58.2 | 55.2 | 54.5 | 53.9 | 52.8 | |||||
| Tax revenue2 | 21.3 | 23.4 | 23.1 | 22.2 | 22.3 | 22.5 | 22.7 | 22.8 | 22.8 | 22.8 | |||||
| Taxes on income, profits, and capital gain | 11.9 | 13.1 | 11.8 | 11.9 | 11.9 | 12.1 | 12.3 | 12.3 | 12.3 | 12.3 | |||||
| Taxes on property | 0.6 | 0.7 | 0.8 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | |||||
| Taxes on goods and services | 8.6 | 8.7 | 9.1 | 8.3 | 8.3 | 8.3 | 8.4 | 8.4 | 8.4 | 8.4 | |||||
| Taxes on international trade | 0.1 | 0.8 | 1.4 | 1.0 | 0.9 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | |||||
| Grants | 7.3 | 7.8 | 8.6 | 5.3 | 4.2 | 3.8 | 3.6 | 3.7 | 3.7 | 3.6 | |||||
| Budget Support | 2.3 | 1.6 | 1.0 | 1.3 | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 | 0.5 | |||||
| Project grants | 5.0 | 6.3 | 7.6 | 4.0 | 3.6 | 3.3 | 3.1 | 3.1 | 3.1 | 3.1 | |||||
| Of which: MCC | 1.8 | 3.1 | 5.6 | 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Non-tax revenue | 7.5 | 6.2 | 4.4 | 4.6 | 5.4 | 5.1 | 4.8 | 4.8 | 4.8 | 4.8 | |||||
| Property income | 4.0 | 2.3 | 0.5 | 0.6 | 1.4 | 1.3 | 1.2 | 1.2 | 1.2 | 1.2 | |||||
| Sales of goods and services | 3.2 | 3.8 | 3.9 | 3.9 | 3.8 | 3.7 | 3.6 | 3.6 | 3.6 | 3.6 | |||||
| Other non-tax revenue | 0.3 | 0.2 | 0.0 | 0.0 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||
| SACU | 16.0 | 15.0 | 30.0 | 26.8 | 28.5 | 26.9 | 24.0 | 23.2 | 22.6 | 21.4 | |||||
| Of which: volatile component | 1.0 | 0.0 | 15.0 | 11.8 | 13.5 | 11.9 | 9.0 | 8.2 | 7.6 | 6.4 | |||||
| Expense | 45.3 | 47.4 | 44.1 | 45.5 | 46.5 | 44.9 | 43.7 | 43.6 | 43.2 | 42.7 | |||||
| Compensation of employees | 19.4 | 19.8 | 18.8 | 19.9 | 20.7 | 20.2 | 20.0 | 20.0 | 19.7 | 19.4 | |||||
| Wages and salaries | 17.5 | 17.1 | 16.2 | 17.1 | 17.7 | 17.6 | 17.4 | 17.4 | 17.2 | 16.9 | |||||
| Social contributions | 1.9 | 2.7 | 2.6 | 2.8 | 3.0 | 2.7 | 2.6 | 2.6 | 2.5 | 2.5 | |||||
| Use of goods and services | 11.7 | 11.9 | 11.8 | 12.5 | 13.5 | 13.1 | 12.7 | 12.6 | 12.5 | 12.3 | |||||
| Health care | 0.7 | 1.8 | 3.2 | 4.0 | 3.8 | 3.8 | 3.8 | 3.8 | 3.8 | 3.8 | |||||
| Interest payments | 0.6 | 0.7 | 0.8 | 1.0 | 1.0 | 1.0 | 0.9 | 1.1 | 1.1 | 1.1 | |||||
| Domestic | 0.3 | 0.4 | 0.4 | 0.6 | 0.5 | 0.5 | 0.4 | 0.5 | 0.6 | 0.5 | |||||
| External | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.6 | 0.5 | 0.6 | |||||
| Subsidies | 1.4 | 1.3 | 1.3 | 1.0 | 1.1 | 1.0 | 0.9 | 0.9 | 0.8 | 0.8 | |||||
| Grants | 4.3 | 5.2 | 4.4 | 4.0 | 2.8 | 2.7 | 2.6 | 2.7 | 2.7 | 2.7 | |||||
| Social benefits | 3.6 | 3.2 | 3.1 | 3.6 | 3.6 | 3.3 | 3.2 | 3.2 | 3.2 | 3.2 | |||||
| Other expenses | 4.3 | 5.1 | 3.8 | 3.4 | 3.8 | 3.5 | 3.3 | 3.2 | 3.2 | 3.2 | |||||
| Gross operating balance | 6.7 | 5.1 | 22.0 | 13.3 | 14.0 | 13.3 | 11.4 | 10.9 | 10.7 | 10.0 | |||||
| Non-financial assets | 11.7 | 15.7 | 17.1 | 14.6 | 15.8 | 14.6 | 14.5 | 14.5 | 14.5 | 14.5 | |||||
| Net lending(+)/borrowing (-) | −5.0 | −10.6 | 5.0 | −1.2 | −1.8 | −1.3 | −3.1 | −3.6 | −3.8 | −4.5 | |||||
| Transactions in financial assets and liabilities | −1.3 | −7.5 | 7.5 | −1.2 | −1.8 | −1.3 | −3.1 | −3.6 | −3.8 | −4.5 | |||||
| Financial assets | −4.0 | −4.7 | 8.4 | 2.1 | 1.5 | 2.1 | 0.2 | −0.3 | −0.3 | −0.2 | |||||
| Domestic | −4.0 | −4.7 | 8.4 | 2.0 | 1.5 | 2.1 | 0.2 | −0.3 | −0.3 | −0.2 | |||||
| Deposits | −4.0 | −4.7 | 8.4 | 2.0 | 1.5 | 2.1 | 0.2 | −0.3 | −0.3 | −0.2 | |||||
| Central bank | −3.9 | −4.7 | 8.4 | 2.0 | 1.5 | 2.1 | 0.2 | −0.3 | −0.3 | −0.2 | |||||
| Commercial banks | −0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Loans | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Financial liabilities | −2.7 | 2.7 | 0.9 | 3.3 | 3.3 | 3.4 | 3.3 | 3.3 | 3.5 | 4.2 | |||||
| Domestic | −2.3 | 1.8 | −2.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.9 | |||||
| Foreign | −0.4 | 0.9 | 3.3 | 3.3 | 3.3 | 3.4 | 3.3 | 3.3 | 3.3 | 3.3 | |||||
| Disbursements | 0.8 | 2.1 | 4.4 | 4.7 | 4.6 | 4.8 | 4.7 | 4.6 | 4.6 | 4.6 | |||||
| Amortization | −1.2 | −1.2 | −1.1 | −1.4 | −1.2 | −1.5 | −1.4 | −1.3 | −1.3 | −1.3 | |||||
| Statistical discrepancy 3 | −3.7 | −3.1 | −2.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Memorandum items: | |||||||||||||||
| Recurrent expenditure | 38.8 | 40.9 | 39.2 | 41.6 | 42.0 | 39.2 | 38.8 | 38.8 | 38.5 | 37.9 | |||||
| Capital expenditure | 18.2 | 22.2 | 21.9 | 18.5 | 20.3 | 20.2 | 19.5 | 19.2 | 19.2 | 19.3 | |||||
| Domestically financed | 11.5 | 13.8 | 10.0 | 9.8 | 12.1 | 12.1 | 11.7 | 11.5 | 11.5 | 11.6 | |||||
| Externally financed | 6.8 | 8.4 | 11.9 | 8.6 | 8.2 | 8.1 | 7.9 | 7.8 | 7.8 | 7.7 | |||||
| Non-SACU fiscal balance, including foreign | |||||||||||||||
| financed capital projects | −21.0 | −25.6 | −25.0 | −28.1 | −30.3 | −28.1 | −27.1 | −26.8 | −26.4 | −25.9 | |||||
| Non-SACU fiscal balance, excluding foreign | |||||||||||||||
| financed capital projects | −20.2 | −23.5 | −20.7 | −23.4 | −25.8 | −23.3 | −22.4 | −22.2 | −21.8 | −21.3 | |||||
| Core SACU fiscal balance (ex. volatile SACU and foreign project loans) 4 | −5.2 | −8.5 | −5.7 | −8.4 | −10.8 | −8.3 | −7.4 | −7.2 | −6.8 | −6.3 | |||||
The fiscal year runs from April 1 to March 31.
Other taxes are not shown in the table.
The remaining balances on non-Treasury accounts at the end of the fiscal year explain the bulk of the statistical discrepancy.
Core SACU revenue is set at 15 percent of GDP, close to the lowest historical level, far below the historical average (26 percent of GDP for the last 20 years).
Lesotho: Fiscal Operations of the Central Government, 2010/11–2019/20 1
(Percent of GDP)
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Est. | Prel. | Projections | |||||||||||
| Revenue | 52.0 | 52.5 | 66.1 | 58.9 | 60.5 | 58.2 | 55.2 | 54.5 | 53.9 | 52.8 | |||||
| Tax revenue2 | 21.3 | 23.4 | 23.1 | 22.2 | 22.3 | 22.5 | 22.7 | 22.8 | 22.8 | 22.8 | |||||
| Taxes on income, profits, and capital gain | 11.9 | 13.1 | 11.8 | 11.9 | 11.9 | 12.1 | 12.3 | 12.3 | 12.3 | 12.3 | |||||
| Taxes on property | 0.6 | 0.7 | 0.8 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | |||||
| Taxes on goods and services | 8.6 | 8.7 | 9.1 | 8.3 | 8.3 | 8.3 | 8.4 | 8.4 | 8.4 | 8.4 | |||||
| Taxes on international trade | 0.1 | 0.8 | 1.4 | 1.0 | 0.9 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | |||||
| Grants | 7.3 | 7.8 | 8.6 | 5.3 | 4.2 | 3.8 | 3.6 | 3.7 | 3.7 | 3.6 | |||||
| Budget Support | 2.3 | 1.6 | 1.0 | 1.3 | 0.6 | 0.5 | 0.5 | 0.5 | 0.6 | 0.5 | |||||
| Project grants | 5.0 | 6.3 | 7.6 | 4.0 | 3.6 | 3.3 | 3.1 | 3.1 | 3.1 | 3.1 | |||||
| Of which: MCC | 1.8 | 3.1 | 5.6 | 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Non-tax revenue | 7.5 | 6.2 | 4.4 | 4.6 | 5.4 | 5.1 | 4.8 | 4.8 | 4.8 | 4.8 | |||||
| Property income | 4.0 | 2.3 | 0.5 | 0.6 | 1.4 | 1.3 | 1.2 | 1.2 | 1.2 | 1.2 | |||||
| Sales of goods and services | 3.2 | 3.8 | 3.9 | 3.9 | 3.8 | 3.7 | 3.6 | 3.6 | 3.6 | 3.6 | |||||
| Other non-tax revenue | 0.3 | 0.2 | 0.0 | 0.0 | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||
| SACU | 16.0 | 15.0 | 30.0 | 26.8 | 28.5 | 26.9 | 24.0 | 23.2 | 22.6 | 21.4 | |||||
| Of which: volatile component | 1.0 | 0.0 | 15.0 | 11.8 | 13.5 | 11.9 | 9.0 | 8.2 | 7.6 | 6.4 | |||||
| Expense | 45.3 | 47.4 | 44.1 | 45.5 | 46.5 | 44.9 | 43.7 | 43.6 | 43.2 | 42.7 | |||||
| Compensation of employees | 19.4 | 19.8 | 18.8 | 19.9 | 20.7 | 20.2 | 20.0 | 20.0 | 19.7 | 19.4 | |||||
| Wages and salaries | 17.5 | 17.1 | 16.2 | 17.1 | 17.7 | 17.6 | 17.4 | 17.4 | 17.2 | 16.9 | |||||
| Social contributions | 1.9 | 2.7 | 2.6 | 2.8 | 3.0 | 2.7 | 2.6 | 2.6 | 2.5 | 2.5 | |||||
| Use of goods and services | 11.7 | 11.9 | 11.8 | 12.5 | 13.5 | 13.1 | 12.7 | 12.6 | 12.5 | 12.3 | |||||
| Health care | 0.7 | 1.8 | 3.2 | 4.0 | 3.8 | 3.8 | 3.8 | 3.8 | 3.8 | 3.8 | |||||
| Interest payments | 0.6 | 0.7 | 0.8 | 1.0 | 1.0 | 1.0 | 0.9 | 1.1 | 1.1 | 1.1 | |||||
| Domestic | 0.3 | 0.4 | 0.4 | 0.6 | 0.5 | 0.5 | 0.4 | 0.5 | 0.6 | 0.5 | |||||
| External | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.6 | 0.5 | 0.6 | |||||
| Subsidies | 1.4 | 1.3 | 1.3 | 1.0 | 1.1 | 1.0 | 0.9 | 0.9 | 0.8 | 0.8 | |||||
| Grants | 4.3 | 5.2 | 4.4 | 4.0 | 2.8 | 2.7 | 2.6 | 2.7 | 2.7 | 2.7 | |||||
| Social benefits | 3.6 | 3.2 | 3.1 | 3.6 | 3.6 | 3.3 | 3.2 | 3.2 | 3.2 | 3.2 | |||||
| Other expenses | 4.3 | 5.1 | 3.8 | 3.4 | 3.8 | 3.5 | 3.3 | 3.2 | 3.2 | 3.2 | |||||
| Gross operating balance | 6.7 | 5.1 | 22.0 | 13.3 | 14.0 | 13.3 | 11.4 | 10.9 | 10.7 | 10.0 | |||||
| Non-financial assets | 11.7 | 15.7 | 17.1 | 14.6 | 15.8 | 14.6 | 14.5 | 14.5 | 14.5 | 14.5 | |||||
| Net lending(+)/borrowing (-) | −5.0 | −10.6 | 5.0 | −1.2 | −1.8 | −1.3 | −3.1 | −3.6 | −3.8 | −4.5 | |||||
| Transactions in financial assets and liabilities | −1.3 | −7.5 | 7.5 | −1.2 | −1.8 | −1.3 | −3.1 | −3.6 | −3.8 | −4.5 | |||||
| Financial assets | −4.0 | −4.7 | 8.4 | 2.1 | 1.5 | 2.1 | 0.2 | −0.3 | −0.3 | −0.2 | |||||
| Domestic | −4.0 | −4.7 | 8.4 | 2.0 | 1.5 | 2.1 | 0.2 | −0.3 | −0.3 | −0.2 | |||||
| Deposits | −4.0 | −4.7 | 8.4 | 2.0 | 1.5 | 2.1 | 0.2 | −0.3 | −0.3 | −0.2 | |||||
| Central bank | −3.9 | −4.7 | 8.4 | 2.0 | 1.5 | 2.1 | 0.2 | −0.3 | −0.3 | −0.2 | |||||
| Commercial banks | −0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Loans | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Financial liabilities | −2.7 | 2.7 | 0.9 | 3.3 | 3.3 | 3.4 | 3.3 | 3.3 | 3.5 | 4.2 | |||||
| Domestic | −2.3 | 1.8 | −2.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.9 | |||||
| Foreign | −0.4 | 0.9 | 3.3 | 3.3 | 3.3 | 3.4 | 3.3 | 3.3 | 3.3 | 3.3 | |||||
| Disbursements | 0.8 | 2.1 | 4.4 | 4.7 | 4.6 | 4.8 | 4.7 | 4.6 | 4.6 | 4.6 | |||||
| Amortization | −1.2 | −1.2 | −1.1 | −1.4 | −1.2 | −1.5 | −1.4 | −1.3 | −1.3 | −1.3 | |||||
| Statistical discrepancy 3 | −3.7 | −3.1 | −2.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||
| Memorandum items: | |||||||||||||||
| Recurrent expenditure | 38.8 | 40.9 | 39.2 | 41.6 | 42.0 | 39.2 | 38.8 | 38.8 | 38.5 | 37.9 | |||||
| Capital expenditure | 18.2 | 22.2 | 21.9 | 18.5 | 20.3 | 20.2 | 19.5 | 19.2 | 19.2 | 19.3 | |||||
| Domestically financed | 11.5 | 13.8 | 10.0 | 9.8 | 12.1 | 12.1 | 11.7 | 11.5 | 11.5 | 11.6 | |||||
| Externally financed | 6.8 | 8.4 | 11.9 | 8.6 | 8.2 | 8.1 | 7.9 | 7.8 | 7.8 | 7.7 | |||||
| Non-SACU fiscal balance, including foreign | |||||||||||||||
| financed capital projects | −21.0 | −25.6 | −25.0 | −28.1 | −30.3 | −28.1 | −27.1 | −26.8 | −26.4 | −25.9 | |||||
| Non-SACU fiscal balance, excluding foreign | |||||||||||||||
| financed capital projects | −20.2 | −23.5 | −20.7 | −23.4 | −25.8 | −23.3 | −22.4 | −22.2 | −21.8 | −21.3 | |||||
| Core SACU fiscal balance (ex. volatile SACU and foreign project loans) 4 | −5.2 | −8.5 | −5.7 | −8.4 | −10.8 | −8.3 | −7.4 | −7.2 | −6.8 | −6.3 | |||||
The fiscal year runs from April 1 to March 31.
Other taxes are not shown in the table.
The remaining balances on non-Treasury accounts at the end of the fiscal year explain the bulk of the statistical discrepancy.
Core SACU revenue is set at 15 percent of GDP, close to the lowest historical level, far below the historical average (26 percent of GDP for the last 20 years).
Lesotho: Monetary Accounts, 2010–15 1,2
(Maloti millions; unless otherwise indicated)
The fiscal year runs from April 1 to March 31.
Including valuation changes.
Lesotho: Monetary Accounts, 2010–15 1,2
(Maloti millions; unless otherwise indicated)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar. | Mar. | Mar. | Mar. | Jun | Sept. | Dec. | Mar. | Mar. | ||||
| Act. | Act. | Act. | Act. | Act. | Act. | Est. | Proj. | Proj. | ||||
| Depository corporations survey | ||||||||||||
| Net foreign assets | 10,937 | 9,304 | 8,801 | 10,123 | 10,908 | 11,476 | 12,835 | 11,605 | 12,420 | |||
| Central bank | 7,591 | 5,801 | 5,975 | 7,985 | 8,877 | 8,339 | 9,599 | 8,726 | 9,833 | |||
| Commercial banks | 3,346 | 3,503 | 2,827 | 2,138 | 2,031 | 3,137 | 3,237 | 2,879 | 2,587 | |||
| Net domestic assets | −4,791 | −3,091 | −2,277 | −3,201 | −3,845 | −3,028 | −4,162 | −2,959 | −2,998 | |||
| Claims on central government (net) | −3,762 | −2,922 | −1,729 | −3,423 | −3,752 | −3,358 | −4,166 | −3,564 | −3,931 | |||
| Central bank | −4,149 | −3,477 | −2,568 | −4,238 | −4,542 | −4,207 | −4,830 | −4,379 | −4,746 | |||
| Commercial banks | 387 | 555 | 839 | 815 | 790.4 | 849 | 664 | 815 | 815 | |||
| Claims on private sector | 1,832 | 2,326 | 2,909 | 4,136 | 4,213 | 4,424 | 4,556 | 4,964 | 5,809 | |||
| Other items (net) | −2,892 | −2,501 | −3,458 | −3,926 | −4,318 | −4,106 | −4,564 | −4,372 | −4,889 | |||
| Broad money | 6,146 | 6,213 | 6,525 | 6,922 | 7,063 | 8,448 | 8,673 | 8,646 | 9,421 | |||
| Currency outside banks | 499 | 529 | 643 | 792 | 808 | 864 | 953 | 997 | 1,289 | |||
| Deposits | 5,647 | 5,683 | 5,881 | 6,130 | 6,255 | 7,584 | 7,720 | 7,648 | 8,132 | |||
| Memorandum items: | (12-month percentage change; unless otherwise indicated) | |||||||||||
| Reserve money | 5.8 | −12.3 | 45.5 | −1.9 | 22.7 | 12.6 | 25.2 | 23.9 | 26.3 | |||
| Broad money | 11.9 | 1.1 | 5.0 | 6.1 | 3.1 | 26.3 | 21.3 | 24.9 | 9.0 | |||
| Credit to the private sector | 20.7 | 26.9 | 25.1 | 42.2 | 34.0 | 27.4 | 20.6 | 20.0 | 17.0 | |||
| Credit to the private sector (percent of GDP) | 12.3 | 14.1 | 15.9 | 20.8 | 20.5 | 20.8 | 20.8 | 22.0 | 22.8 | |||
| Velocity (GDP/broad money) | 2.4 | 2.6 | 2.8 | 2.9 | 2.9 | 2.5 | 2.5 | 2.6 | 2.7 | |||
The fiscal year runs from April 1 to March 31.
Including valuation changes.
Lesotho: Monetary Accounts, 2010–15 1,2
(Maloti millions; unless otherwise indicated)
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mar. | Mar. | Mar. | Mar. | Jun | Sept. | Dec. | Mar. | Mar. | ||||
| Act. | Act. | Act. | Act. | Act. | Act. | Est. | Proj. | Proj. | ||||
| Depository corporations survey | ||||||||||||
| Net foreign assets | 10,937 | 9,304 | 8,801 | 10,123 | 10,908 | 11,476 | 12,835 | 11,605 | 12,420 | |||
| Central bank | 7,591 | 5,801 | 5,975 | 7,985 | 8,877 | 8,339 | 9,599 | 8,726 | 9,833 | |||
| Commercial banks | 3,346 | 3,503 | 2,827 | 2,138 | 2,031 | 3,137 | 3,237 | 2,879 | 2,587 | |||
| Net domestic assets | −4,791 | −3,091 | −2,277 | −3,201 | −3,845 | −3,028 | −4,162 | −2,959 | −2,998 | |||
| Claims on central government (net) | −3,762 | −2,922 | −1,729 | −3,423 | −3,752 | −3,358 | −4,166 | −3,564 | −3,931 | |||
| Central bank | −4,149 | −3,477 | −2,568 | −4,238 | −4,542 | −4,207 | −4,830 | −4,379 | −4,746 | |||
| Commercial banks | 387 | 555 | 839 | 815 | 790.4 | 849 | 664 | 815 | 815 | |||
| Claims on private sector | 1,832 | 2,326 | 2,909 | 4,136 | 4,213 | 4,424 | 4,556 | 4,964 | 5,809 | |||
| Other items (net) | −2,892 | −2,501 | −3,458 | −3,926 | −4,318 | −4,106 | −4,564 | −4,372 | −4,889 | |||
| Broad money | 6,146 | 6,213 | 6,525 | 6,922 | 7,063 | 8,448 | 8,673 | 8,646 | 9,421 | |||
| Currency outside banks | 499 | 529 | 643 | 792 | 808 | 864 | 953 | 997 | 1,289 | |||
| Deposits | 5,647 | 5,683 | 5,881 | 6,130 | 6,255 | 7,584 | 7,720 | 7,648 | 8,132 | |||
| Memorandum items: | (12-month percentage change; unless otherwise indicated) | |||||||||||
| Reserve money | 5.8 | −12.3 | 45.5 | −1.9 | 22.7 | 12.6 | 25.2 | 23.9 | 26.3 | |||
| Broad money | 11.9 | 1.1 | 5.0 | 6.1 | 3.1 | 26.3 | 21.3 | 24.9 | 9.0 | |||
| Credit to the private sector | 20.7 | 26.9 | 25.1 | 42.2 | 34.0 | 27.4 | 20.6 | 20.0 | 17.0 | |||
| Credit to the private sector (percent of GDP) | 12.3 | 14.1 | 15.9 | 20.8 | 20.5 | 20.8 | 20.8 | 22.0 | 22.8 | |||
| Velocity (GDP/broad money) | 2.4 | 2.6 | 2.8 | 2.9 | 2.9 | 2.5 | 2.5 | 2.6 | 2.7 | |||
The fiscal year runs from April 1 to March 31.
Including valuation changes.
Lesotho: Balance of Payments, 2010/11–2019/20 1
(US$ millions; unless otherwise indicated)
The fiscal year runs from April 1 to March 31.
Including the SDR allocation in 2009.
Lesotho: Balance of Payments, 2010/11–2019/20 1
(US$ millions; unless otherwise indicated)
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Act. | Prel. | Projections | |||||||||||||
| Current account | −171 | −221 | −64 | −24 | −26 | −242 | −299 | −262 | −337 | −391 | |||||||
| Trade balance | −1,089 | −1,087 | −1,167 | −1,109 | −1,136 | −1,324 | −1,345 | −1,348 | −1,436 | −1,632 | |||||||
| Exports, f.o.b. | 953 | 1,096 | 979 | 912 | 985 | 1,031 | 1,160 | 1,275 | 1,359 | 1,418 | |||||||
| Imports, f.o.b | −2,042 | −2,183 | −2,147 | −2,021 | −2,122 | −2,355 | −2,505 | −2,623 | −2,795 | −3,050 | |||||||
| Of which: LHWP2 | 0 | 0 | 0 | 0 | −25 | −60 | −111 | −155 | −184 | −272 | |||||||
| Of which: oil | −120 | −157 | −166 | −173 | −172 | −179 | −165 | −154 | −150 | −148 | |||||||
| Services (net) | −405 | −417 | −364 | −343 | −358 | −397 | −423 | −448 | −488 | −501 | |||||||
| Income (net) | 657 | 614 | 523 | 530 | 517 | 515 | 526 | 511 | 512 | 599 | |||||||
| Of which: interest on public debt | −7 | −8 | −10 | −10 | −13 | −14 | −15 | −16 | −17 | −18 | |||||||
| Transfers | 667 | 668 | 944 | 899 | 951 | 965 | 942 | 1,022 | 1,074 | 1,143 | |||||||
| Official transfers | 498 | 493 | 785 | 736 | 798 | 812 | 770 | 839 | 878 | 934 | |||||||
| Of which: SACU revenue | 365 | 370 | 696 | 624 | 709 | 723 | 690 | 715 | 743 | 753 | |||||||
| Other transfers | 168 | 176 | 159 | 163 | 153 | 153 | 172 | 184 | 196 | 209 | |||||||
| Capital and financial account | 118 | 216 | 365 | 123 | 161 | 177 | 284 | 365 | 435 | 529 | |||||||
| Capital account | 176 | 182 | 151 | 69 | 91 | 142 | 205 | 235 | 250 | 301 | |||||||
| Financial account | −58 | 34 | 214 | 54 | 70 | 35 | 79 | 131 | 184 | 228 | |||||||
| Foreign direct | 10 | 9 | 8 | 8 | 8 | 8 | 9 | 11 | 14 | 17 | |||||||
| Portfolio investment | −2 | −2 | −2 | −2 | −2 | −1 | −1 | −1 | −1 | −1 | |||||||
| Other investment | −65 | 27 | 208 | 48 | 63 | 28 | 71 | 121 | 172 | 212 | |||||||
| Medium and long-term | −65 | 27 | 208 | 48 | 63 | 28 | 71 | 121 | 172 | 212 | |||||||
| Of which: | |||||||||||||||||
| Public sector (net) | −10 | 22 | 75 | 77 | 82 | 90 | 95 | 129 | 155 | 201 | |||||||
| Disbursements | 18 | 52 | 101 | 108 | 113 | 130 | 136 | 169 | 203 | 259 | |||||||
| Central government | 18 | 52 | 101 | 108 | 113 | 130 | 136 | 143 | 152 | 162 | |||||||
| Other public sector | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26 | 50 | 97 | |||||||
| Amortization | −28 | −30 | −26 | −32 | −31 | −40 | −41 | −40 | −47 | −58 | |||||||
| Short-term | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Errors and omissions | −198 | 33 | −60 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Overall balance | −250 | 28 | 242 | 99 | 135 | −64 | −15 | 103 | 97 | 137 | |||||||
| Financing | 250 | −28 | −242 | −99 | −135 | 64 | 15 | −103 | −97 | −137 | |||||||
| Memorandum items: | (Percent of GDP) | ||||||||||||||||
| Current account | −7.5 | −9.0 | −2.7 | −1.0 | −1.0 | −9.0 | −10.4 | −8.5 | −10.3 | −11.1 | |||||||
| Trade balance | −47.6 | −44.2 | −50.3 | −47.7 | −45.7 | −49.2 | −46.7 | −43.8 | −43.7 | −46.5 | |||||||
| Capital and financial account | 5.2 | 8.8 | 15.7 | 5.3 | 6.5 | 6.6 | 9.9 | 11.9 | 13.2 | 15.1 | |||||||
| Overall balance | −11.0 | 1.2 | 10.4 | 4.3 | 5.4 | −2.4 | −0.5 | 3.3 | 3.0 | 3.9 | |||||||
| Gross international reserves | |||||||||||||||||
| (US$ millions) 2 | 961 | 858 | 990 | 982 | 1,121 | 1,047 | 1,019 | 1,107 | 1,184 | 1,298 | |||||||
| (Months of imports) | 4.0 | 3.6 | 4.6 | 4.8 | 4.7 | 4.1 | 3.8 | 3.8 | 3.8 | 3.9 | |||||||
The fiscal year runs from April 1 to March 31.
Including the SDR allocation in 2009.
Lesotho: Balance of Payments, 2010/11–2019/20 1
(US$ millions; unless otherwise indicated)
| 2010/11 | 2011/12 | 2012/13 | 2013/14 | 2014/15 | 2015/16 | 2016/17 | 2017/18 | 2018/19 | 2019/20 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Act. | Act. | Prel. | Projections | |||||||||||||
| Current account | −171 | −221 | −64 | −24 | −26 | −242 | −299 | −262 | −337 | −391 | |||||||
| Trade balance | −1,089 | −1,087 | −1,167 | −1,109 | −1,136 | −1,324 | −1,345 | −1,348 | −1,436 | −1,632 | |||||||
| Exports, f.o.b. | 953 | 1,096 | 979 | 912 | 985 | 1,031 | 1,160 | 1,275 | 1,359 | 1,418 | |||||||
| Imports, f.o.b | −2,042 | −2,183 | −2,147 | −2,021 | −2,122 | −2,355 | −2,505 | −2,623 | −2,795 | −3,050 | |||||||
| Of which: LHWP2 | 0 | 0 | 0 | 0 | −25 | −60 | −111 | −155 | −184 | −272 | |||||||
| Of which: oil | −120 | −157 | −166 | −173 | −172 | −179 | −165 | −154 | −150 | −148 | |||||||
| Services (net) | −405 | −417 | −364 | −343 | −358 | −397 | −423 | −448 | −488 | −501 | |||||||
| Income (net) | 657 | 614 | 523 | 530 | 517 | 515 | 526 | 511 | 512 | 599 | |||||||
| Of which: interest on public debt | −7 | −8 | −10 | −10 | −13 | −14 | −15 | −16 | −17 | −18 | |||||||
| Transfers | 667 | 668 | 944 | 899 | 951 | 965 | 942 | 1,022 | 1,074 | 1,143 | |||||||
| Official transfers | 498 | 493 | 785 | 736 | 798 | 812 | 770 | 839 | 878 | 934 | |||||||
| Of which: SACU revenue | 365 | 370 | 696 | 624 | 709 | 723 | 690 | 715 | 743 | 753 | |||||||
| Other transfers | 168 | 176 | 159 | 163 | 153 | 153 | 172 | 184 | 196 | 209 | |||||||
| Capital and financial account | 118 | 216 | 365 | 123 | 161 | 177 | 284 | 365 | 435 | 529 | |||||||
| Capital account | 176 | 182 | 151 | 69 | 91 | 142 | 205 | 235 | 250 | 301 | |||||||
| Financial account | −58 | 34 | 214 | 54 | 70 | 35 | 79 | 131 | 184 | 228 | |||||||
| Foreign direct | 10 | 9 | 8 | 8 | 8 | 8 | 9 | 11 | 14 | 17 | |||||||
| Portfolio investment | −2 | −2 | −2 | −2 | −2 | −1 | −1 | −1 | −1 | −1 | |||||||
| Other investment | −65 | 27 | 208 | 48 | 63 | 28 | 71 | 121 | 172 | 212 | |||||||
| Medium and long-term | −65 | 27 | 208 | 48 | 63 | 28 | 71 | 121 | 172 | 212 | |||||||
| Of which: | |||||||||||||||||
| Public sector (net) | −10 | 22 | 75 | 77 | 82 | 90 | 95 | 129 | 155 | 201 | |||||||
| Disbursements | 18 | 52 | 101 | 108 | 113 | 130 | 136 | 169 | 203 | 259 | |||||||
| Central government | 18 | 52 | 101 | 108 | 113 | 130 | 136 | 143 | 152 | 162 | |||||||
| Other public sector | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26 | 50 | 97 | |||||||
| Amortization | −28 | −30 | −26 | −32 | −31 | −40 | −41 | −40 | −47 | −58 | |||||||
| Short-term | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Errors and omissions | −198 | 33 | −60 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Overall balance | −250 | 28 | 242 | 99 | 135 | −64 | −15 | 103 | 97 | 137 | |||||||
| Financing | 250 | −28 | −242 | −99 | −135 | 64 | 15 | −103 | −97 | −137 | |||||||
| Memorandum items: | (Percent of GDP) | ||||||||||||||||
| Current account | −7.5 | −9.0 | −2.7 | −1.0 | −1.0 | −9.0 | −10.4 | −8.5 | −10.3 | −11.1 | |||||||
| Trade balance | −47.6 | −44.2 | −50.3 | −47.7 | −45.7 | −49.2 | −46.7 | −43.8 | −43.7 | −46.5 | |||||||
| Capital and financial account | 5.2 | 8.8 | 15.7 | 5.3 | 6.5 | 6.6 | 9.9 | 11.9 | 13.2 | 15.1 | |||||||
| Overall balance | −11.0 | 1.2 | 10.4 | 4.3 | 5.4 | −2.4 | −0.5 | 3.3 | 3.0 | 3.9 | |||||||
| Gross international reserves | |||||||||||||||||
| (US$ millions) 2 | 961 | 858 | 990 | 982 | 1,121 | 1,047 | 1,019 | 1,107 | 1,184 | 1,298 | |||||||
| (Months of imports) | 4.0 | 3.6 | 4.6 | 4.8 | 4.7 | 4.1 | 3.8 | 3.8 | 3.8 | 3.9 | |||||||
The fiscal year runs from April 1 to March 31.
Including the SDR allocation in 2009.
Lesotho: Commercial Bank Performance Ratios, 2005–13
(As of end-December; percent)
Lesotho: Commercial Bank Performance Ratios, 2005–13
(As of end-December; percent)
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| I. Capital adequacy | ||||||||||
| a) Basel capital ratio | 22.0 | 19.0 | 14.2 | 13.7 | 13.5 | 14.9 | 16.0 | 14.1 | 12.6 | |
| b) Nonperforming loans net of provisions to capital | 0.3 | −5.4 | −13.4 | −13.5 | −9.3 | 0.5 | −6.3 | −6.6 | 7.6 | |
| c) Top 20 exposures to statutory capital and reserves | 220 | 386 | 465 | 306 | 359 | 522 | 528 | 456 | 495 | |
| II. Asset quality | ||||||||||
| a) Loans to deposit ratio | 29 | 25 | 29 | 29 | 32 | 35 | 44 | 57 | 56 | |
| b) Earning assets to total assets | 93 | 90 | 90 | 88 | 86 | 91 | 92 | 87 | 89 | |
| c) Nonperforming loans to total assets | 2.0 | 2.0 | 1.4 | 2.1 | 3.2 | 3.1 | 2.2 | 2.5 | 3.9 | |
| d) Reserve for losses to total loans | 3.0 | 2.8 | 2.6 | 4.0 | 4.3 | 3.1 | 2.7 | 3.0 | 3.5 | |
| e) Reserve for losses to nonperforming loans | 167 | 132 | 193 | 196 | 136 | 98 | 124 | 117 | 90 | |
| III. Liquidity | ||||||||||
| a) Liquid assets to total deposits | 120 | 101 | 92 | 95 | 95 | 99 | 96 | 76 | 89 | |
| b) Available reserves to total deposits | 8.0 | 3.5 | 3.4 | 1.9 | 3.5 | 3.6 | 2.3 | 3.0 | 3.7 | |
| c) Liquid assets to total assets | 77 | 78 | 73 | 72 | 70 | 72 | 68 | 56 | 61 | |
| d) Current assets to current liabilities | 86 | 105 | 107 | 106 | 107 | 108 | 109 | 111 | 109 | |
| IV. Profitability | ||||||||||
| a) Net interest margin | … | 4.5 | 5.6 | 6.8 | 6.2 | 5.2 | 5.4 | 6.7 | 6.5 | |
| b) Cost to income | … | 65 | 63 | 58 | 56 | 56 | 58 | 59 | 58 | |
| c) Return on assets (ROA) | 2.0 | 0.3 | 1.7 | 2.8 | 2.8 | 2.7 | 2.8 | 3.0 | 3.0 | |
| d) Return on equity | 15 | 5 | 21 | 38 | 33 | 31 | 29 | 30 | 33 | |
Lesotho: Commercial Bank Performance Ratios, 2005–13
(As of end-December; percent)
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| I. Capital adequacy | ||||||||||
| a) Basel capital ratio | 22.0 | 19.0 | 14.2 | 13.7 | 13.5 | 14.9 | 16.0 | 14.1 | 12.6 | |
| b) Nonperforming loans net of provisions to capital | 0.3 | −5.4 | −13.4 | −13.5 | −9.3 | 0.5 | −6.3 | −6.6 | 7.6 | |
| c) Top 20 exposures to statutory capital and reserves | 220 | 386 | 465 | 306 | 359 | 522 | 528 | 456 | 495 | |
| II. Asset quality | ||||||||||
| a) Loans to deposit ratio | 29 | 25 | 29 | 29 | 32 | 35 | 44 | 57 | 56 | |
| b) Earning assets to total assets | 93 | 90 | 90 | 88 | 86 | 91 | 92 | 87 | 89 | |
| c) Nonperforming loans to total assets | 2.0 | 2.0 | 1.4 | 2.1 | 3.2 | 3.1 | 2.2 | 2.5 | 3.9 | |
| d) Reserve for losses to total loans | 3.0 | 2.8 | 2.6 | 4.0 | 4.3 | 3.1 | ||||