The current account deficit in South Africa narrowed to ZAR 66.2 billion in the first quarter of 2023 from a downwardly revised ZAR 155.3 billion in the prior period and well below market expectations of a ZAR 172.5 billion shortfall. This was the lowest current account gap since Q2 2011, as the trade surplus widened substantially to ZAR 103 billion from ZAR 34.2 billion due to the increased value of goods exports. Meanwhile, the gap in the services, income, and current transfer account fell for a third consecutive quarter to ZAR 169 billion from ZAR 190 billion. As a ratio of GDP, the current account balance deficit shrank by 1% from 2.3% in the three months to December 2022. source: South African Reserve Bank

Current Account in South Africa averaged -25530.58 ZAR Million from 1960 until 2023, reaching an all time high of 295546.00 ZAR Million in the second quarter of 2021 and a record low of -241123.00 ZAR Million in the third quarter of 2013. This page provides the latest reported value for - South Africa Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Africa Current Account - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Current Account in South Africa is expected to be -105000.00 ZAR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa Current Account is projected to trend around 145000.00 ZAR Million in 2024 and -170000.00 ZAR Million in 2025, according to our econometric models.

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South Africa Current Account



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-03-09 09:00 AM Q4 ZAR-174B ZAR3.1B ZAR-180B ZARB-165.0B
2023-06-08 09:00 AM Q1 ZAR-66.2B ZAR-155.3B ZAR-172.5B ZAR -162.0B
2023-09-07 09:00 AM Q2 ZAR-66.2B ZAR -180.0B


Related Last Previous Unit Reference
Balance of Trade -3541.17 9575.61 ZAR Million Jun 2023
Current Account -66237.00 -155292.00 ZAR Million Mar 2023
Current Account to GDP -0.50 3.70 percent of GDP Dec 2022
Imports 171156.50 173864.44 ZAR Million Jun 2023
Exports 167615.33 183440.04 ZAR Million Jun 2023
External Debt 162901.00 165114.00 USD Million Mar 2023
Foreign Direct Investment 519.00 63972.00 ZAR Billion Mar 2023
Terms of Trade 111.90 106.90 points Mar 2023

South Africa Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).
Actual Previous Highest Lowest Dates Unit Frequency
-66237.00 -155292.00 295546.00 -241123.00 1960 - 2023 ZAR Million Quarterly
SA

News Stream
South Africa Q1 Current Account Gap Below Forecasts
The current account deficit in South Africa narrowed to ZAR 66.2 billion in the first quarter of 2023 from a downwardly revised ZAR 155.3 billion in the prior period and well below market expectations of a ZAR 172.5 billion shortfall. This was the lowest current account gap since Q2 2011, as the trade surplus widened substantially to ZAR 103 billion from ZAR 34.2 billion due to the increased value of goods exports. Meanwhile, the gap in the services, income, and current transfer account fell for a third consecutive quarter to ZAR 169 billion from ZAR 190 billion. As a ratio of GDP, the current account balance deficit shrank by 1% from 2.3% in the three months to December 2022.
2023-06-08
South Africa Q4 Current Account Gap Smaller than Expected
South Africa posted a current account deficit of ZAR 174 billion in the fourth quarter of 2022, smaller than market forecasts of a ZAR 180 billion shortfall and compared to a revised surplus ZAR 3.1 billion in the prior period. This was the largest current account gap since the third quarter of 2019, as the goods surplus narrowed further to ZAR 12.2 billion in the fourth quarter from ZAR 249 billion in the previous quarter, with imports rising and exports falling. Meanwhile, the shortfall on the services, income and current transfer account fell for a second consecutive quarter to ZAR 186 billion from ZAR 246 billion in the third quarter. As a ratio of GDP, the current account balance switched to a deficit of 2.6% in Q4 compared to a balanced current account in Q3. On an annual basis, the balance of the current account switched to a deficit of ZAR 31.8 billion, or 0.5% of GDP in 2022 from a surplus of ZAR 228 billion, or 3.7% of GDP in 2021, the first annual deficit since 2019.
2023-03-09
South Africa Q3 Current Account Gap Unexpectedly Narrows
The current account deficit in South Africa shrank to ZAR 18.1 billion in the third quarter of 2022, from an upwardly revised ZAR 107 billion in the second quarter and compared with market expectations of ZAR 89.5 billion. The shortfall on the services, income and current transfer account narrowed markedly to ZAR 251 billion from an all-time high of ZAR 358 billion in the second quarter, on a much smaller deficit on the primary income account, and to a lesser extent on the secondary income account, while the deficit on the services account increased. Meanwhile, the goods surplus shrank further to ZAR 233 billion from ZAR 252 billion in the previous quarter, as the value of merchandise imports increased more than that of goods exports, both at record levels. As a ratio of GDP, the current account surplus narrowed to 0.3% in the third quarter from 1.6% in the prior quarter.
2022-12-08