Current account surplus switches to a deficit in Q2-2026

SOUTH AFRICA - Report 11 Sep 2026 by Iraj Abedian

Data released by the South African Reserve Bank (SARB) shows that South Africa’s current account of the balance of payments deteriorated markedly during the second quarter of 2026, switching from a surplus of R181.6 billion in the first quarter to a deficit of R205.5 billion. As a percentage of GDP, the current account moved from a surplus of 2.3% to a deficit of 2.6%. The sharp reversal follows the particularly strong external position recorded in the first quarter and reflects both a substantial narrowing of the trade surplus and a widening of the deficit on the services, income and current transfer account.

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