South Africa’s current account registers a deficit in Q2-2023 as the country’s terms of trade deteriorate

SOUTH AFRICA - Report 07 Sep 2023 by Iraj Abedian

An unwelcome economic metric for South Africa came out today as data released by the South African Reserve Bank (SARB) indicates that the country’s current account balance recorded its fifth consecutive deficit during the second quarter of 2023. The deficit on the current account widened further, from R63.7 billion in the first quarter to R160.7 billion in the second quarter. Accordingly, the current account deficit widened from 0.9% to 2.3% in the second quarter as a ratio of GDP.

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