South Africa’s Q1-2026 current account: stronger external balances amid rising global uncertainty

SOUTH AFRICA - Report 12 Jun 2026 by Iraj Abedian

Data released by the South African Reserve Bank shows that, during the first quarter of 2026, the surplus on South Africa’s current account of the balance of payments widened markedly, to R190.7 billion, up from R50.2 billion in the fourth quarter of 2025. This makes it the largest surplus recorded since Q3-2021. As a percentage of GDP, the current account surplus widened to 2.4% in the first quarter of 2026 from 0.6% in the final quarter of 2025, providing further support to South Africa’s external position.

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