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Financial News: South Africa Current Account Surplus At Record High

South Africa Current Account Surplus At Record High

09/09/2021 - 07:00:00 (RTTNews)

(RTTNews) - South Africa's current account surplus increased to a record high in the second quarter, South African Reserve Bank reported Thursday.

The current account balance rose to the largest surplus ever of ZAR 343 billion from ZAR 261 billion in the first quarter.

As a ratio of gross domestic product, the current account surplus widened to 5.6 percent in the second quarter from 4.3 percent in the preceding quarter. The trade surplus rose to a record ZAR 614 billion as merchandise exports reached a new all-time high in the second quarter.

The shortfall on the services, income and current transfer account widened noticeably to ZAR 271 billion in the second quarter from a relatively small deficit of ZAR 190 billion in the first quarter.

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