A current account surplus during Q1 2020 makes it the first since 2003 for South Africa

SOUTH AFRICA - Report 02 Jul 2020 by Iraj Abedian

In a period that has seen a multitude of unpleasant economic numbers, including the contraction of the economy by 2% q/q, data released today by the Reserve Bank shows that South Africa’s current account was in a much healthier state as it recorded a surplus during the first quarter of 2020. The account changed from a deficit of R68.1 billion in the last quarter of 2019 to a surplus of R69.7 billion in the first quarter. As a ratio of GDP, the current account balance switched from -1.3% to 1.3% in the first quarter of 2020. It is worth mentioning that this was also the first surplus registered by the account in nearly two decades, the last one having been recorded during the first quarter of 2003.

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