The Current Account Deficit Deteriorated in the Second Quarter of 2013

SOUTH AFRICA - Report 10 Sep 2013 by Iraj Abedian
Figures released today by the South African Reserve Bank (SARB) show that the current account balance deteriorated in the second quarter of 2013 (Q2 2013). The deficit on the current account increased from R190.9 billion in Q1 2013 to R216.2 billion in Q2 2013, partly due to weak export growth. As a result, the Q2 2013 ratio of the current account deficit to gross domestic product (GDP) bounced back in excess of 6% (see Graph 1). Graph 1: Current account balance, South Africa, Q1 2008 – Q2 2013 Source: SARB The SARB’s quarterly bulletin highlights that the poor performance on the export fro...

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