South Africa’s current account deficit narrows in Q1-2023

SOUTH AFRICA - Report 08 Jun 2023 by Iraj Abedian

The latest current account data released by the South African Reserve Bank shows that, during the first quarter of 2023, while South Africa’s current account recorded its fourth consecutive deficit since Q2-2022, the deficit was smaller than that of the preceding quarter. The Q1-2023 deficit narrowed from R155 billion in the fourth quarter of 2022 to R66.2 billion. Relative to GDP, the current account deficit narrowed from 2.3% in the fourth quarter of 2022 to 1% during the first quarter of 2023.

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