South Africa's economic growth forecasts will likely be revised upwards by the time the medium-term budget outlook is announced in October, Minister of Finance Nhlanhla Nene said on Monday.

A rise in business confidence since President Cyril Ramaphosa succeeded scandal-plagued Jacob Zuma last month has already reduced the strain of debt service costs, Nene told a political union meeting in Pretoria.

Nene said the 2018/19 budget delivered by his predecessor in February would help to support faster economic growth by finalising many reforms.