South Africa’s current account balance reverts to a deficit in Q2 2020

SOUTH AFRICA - Report 10 Sep 2020 by Iraj Abedian

Another unwelcome economic metric came out today as data released by the South African Reserve Bank (SARB) indicates that the country’s current account switched to a deficit in the second quarter of 2020 after it recorded its first surplus since 2003 during the first quarter of 2020. It is worth noting that the current account surplus of Q1 2020 was one of the few positive economic indicators that came out during the quarter. The balance on the current account, therefore, went from a surplus of R63.4 billion in the first quarter to a deficit of R103.6 billion in the second quarter. Accordingly, the current account balance switched from a surplus of 1.2% as a ratio of GDP to a deficit of 2.4% in the second quarter.

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