SARB data shows the current account deficit narrowed to R66.2bn in Q1.
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GUEST – Nthabiseng Molemoeng – Head of Balance of Payments Unit at SARB
South Africa’s current-account shortfall narrowed more than expected in the first quarter as the value of gold and merchandise exports increased. The deficit in the current account, the broadest measure of trade in goods and services, shrank to an annualized 1% of gross domestic product, or R66.2 billion, from a revised 2.3% of GDP in the prior quarter, the South African Reserve Bank said in a statement Thursday. The median estimate of 12 economists in a Bloomberg survey was for a gap of 2.8% of GDP. South Africa has now posted a current-account gap for a fourth straight quarter. The central bank in May revised its estimates upwards for a current-account shortfall of 2.5% of GDP in 2023 and 3.1% next year.
South Africa’s current-account shortfall narrowed more than expected in the first quarter as the value of gold and merchandise exports increased. The deficit in the current account, the broadest measure of trade in goods and services, shrank to an annualized 1% of gross domestic product, or R66.2 billion, from a revised 2.3% of GDP in the prior quarter, the South African Reserve Bank said in a statement Thursday. The median estimate of 12 economists in a Bloomberg survey was for a gap of 2.8% of GDP. South Africa has now posted a current-account gap for a fourth straight quarter. The central bank in May revised its estimates upwards for a current-account shortfall of 2.5% of GDP in 2023 and 3.1% next year.
