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.