Exports boost South Africa’s 2Q2021 current account balance

SOUTH AFRICA - Report 10 Sep 2021 by Iraj Abedian

Commodity prices have been reaching record highs in 2021, as global economic activity slowly rebounds. For resource-rich countries such as South Africa, this news is well received. As expected, the current account surplus widened in the second quarter of 2021 – to R343 billion in 2Q2021 from R261 billion (revised from R267 billion) in 1Q2021. As a ratio of gross domestic product (GDP), this translates to 5.6% for 2Q2021, from 5% for 1Q2021. Although lower than the 6.7% expected by the Bloomberg Economists’ survey, the quarter’s current account balance (rand value) is said to be the highest the country has ever experienced.

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