South Africa’s current account records a deficit for the first time since Q2 2020

SOUTH AFRICA - Report 08 Sep 2022 by Iraj Abedian

Another unwelcome economic metric for South Africa came out today as data released by the South African Reserve Bank (SARB) shows that after recording consecutive surpluses since Q3 2020, the country’s current account balance switched to a deficit in the second quarter of 2022. The balance on the current account therefore swung from a surplus of R157 billion in the first quarter to a deficit of R87 billion in the second quarter. Accordingly, the current account balance switched from a surplus of 2.4% of GDP to a deficit of 1.3% in the second quarter.

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