South Africa registers a record current account surplus in 2021

SOUTH AFRICA - Report 11 Mar 2022 by Iraj Abedian

The current account data released yesterday by the South African Reserve Bank indicates that South Africa’s current account recorded a surplus of R120 billion in the fourth quarter of 2021. This represented another decline in the record surpluses since H2 2020; from R273 billion, R300 billion and R216 billion during Q1 2021, Q2 2021 and Q3 2021, respectively. As a ratio of GDP, the current account surplus thus narrowed from 3.5% during the third quarter to1.9% in the fourth quarter of 2021. On an annual basis, however, the current account balance more than doubled, from R110 billion in 2020 to R227 billion in 2021, making it the largest annual surplus on record. The current account surplus widened from 2% in 2020 to 3.7% in 2021 as a ratio of GDP.

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