South Africa’s current account deficit widens in the first quarter of 2019 as export volumes drop

SOUTH AFRICA - Report 06 Jun 2019 by Iraj Abedian

Yet more unsavory economic numbers have emerged this week (i.e., following the announced contraction of Q1 2019 GDP by 3.2%) as data released today indicates that South Africa’s current account is in worse shape than it was at the end of 2018. The deficit of the current account of the balance of payments widened from R110.2 billion to R142.5 billion (i.e., by R32.3 billion) from the fourth quarter of 2018 to the first quarter of 2019. As such, as a ratio of GDP, the current account deficit widened from 2.2% to 2.9% in the first quarter of 2019.

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