South Africa posted a current account deficit of ZAR 87 billion in the Q2 of 2022, compared with a surplus of ZAR 157 billion in the Q1 and defying market estimates of a ZAR 100 billion surplus. It was the first current account shortfall since the second quarter of 2020, as the goods surplus shrank to ZAR 272 billion from ZAR 372 billion in Q1, reflecting a larger increase in the value of merchandise imports than in the value of goods exports, both at record levels. Meanwhile, the shortfall on the services, income and current transfer account rose to ZAR 358 billion from ZAR 216 billion, as the deficit on the primary income account rose sharply, largely due to higher dividend payments by companies with a direct investment relationship, along with a slight increase in the deficit on the services account and a smaller deficit on the secondary income account. As a ratio of GDP, the current account balance switched to a deficit of 1.3% in Q2 from a surplus of 2.4% in the first quarter. source: South African Reserve Bank
Current Account in South Africa averaged -24857.58 ZAR Million from 1960 until 2022, reaching an all time high of 295546 ZAR Million in the second quarter of 2021 and a record low of -241123 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 October of 2022.
Current Account in South Africa is expected to be -120000.00 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 170000.00 ZAR Million in 2023 and -210000.00 ZAR Million in 2024, according to our econometric models.