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Financial News: S. Africa's Current Account Swings To Deficit In

S. Africa's Current Account Swings To Deficit In Q2

09/08/2022 - 08:14:00 (RTTNews)

(RTTNews) - South Africa's current account registered a shortfall for the first time in two years in the second quarter, South African Reserve Bank said on Thursday.

The current account of the balance of payments switched to a deficit of ZAR 87.0 billion, or -1.3 percent of GDP in the second quarter from a surplus of ZAR 157 billion or 2.4 percent of GDP in the first quarter.

The trade surplus narrowed to ZAR 272 billion from ZAR 372 billion in the first quarter as the value of both merchandise exports and imports increased further to all-time highs.

The shortfall on the services, income and current transfer account widened noticeably to ZAR 358 billion from ZAR 216 billion in the first quarter.

Consequently, the deficit as a ratio of GDP increased to 5.5 percent from 3.4 percent in the first quarter, which was the largest ratio since the first quarter of 1986.

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