As international borrowing was resumed from 1994, foreign debt rose significantly to 29,9 per cent of GDP in 1999. But this is still quite low in comparison with other developing countries. The South African private sector's indebtedness to the banking system has risen over the past decade.
From a level of 58 per cent of GDP in 1989, bank credit to the private sector rose to 67 per cent in 1999. This was a sign of increasing intermediation of credit and financial development in the economy - so-called financial deepening..  Budget deficits Similar progress has been made on the government's budget deficits.