South Africa’s current account deteriorates in the third quarter

SOUTH AFRICA - Report 07 Dec 2018 by Iraj Abedian

Following the encouraging GDP numbers earlier this week, indicating South Africa exited the technical recession, the other significant economic metric to come out this week unfortunately shows the country’s current account deteriorated, even if just marginally. The recently released data by the Reserve Bank on South Africa’s third quarter balance of payments indicates that the country’s current account balance widened from R167.4 billion in the second quarter of 2018 to R176.6 billion. As a ratio of GDP, the current account deficit rose from 3.4% to 3.5% in the third quarter of 2018. So far, the current account balance has also been much weaker in the current year than in the preceding one.

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