The current account balance in South Africa shifted to a deficit of ZAR 103.6 billion from a downwardly revised surplus of ZAR 63.4 billion and compared with market expectations of a ZAR 36.5 billion shortfall. The trade surplus narrowed to ZAR 92 billion from ZAR 202 billion, as exports fell substantially more than imports on the back of the global pandemic. In addition, the services deficit widened to ZAR 57 billion from ZAR 7 billion in Q1 of 2020 and the primary income also went up slightly to ZAR 103 billion from ZAR 96 billion. Meantime, the secondary income shortfall remained at ZAR 35 billion. As a ratio of GDP, the current account balance reverted to a deficit of 2.4% in Q2 2020 from a surplus of 1.1% in Q1 2020.
Current Account in South Africa averaged -31856.28 ZAR Million from 1960 until 2020, reaching an all time high of 63440 ZAR Million in the first quarter of 2020 and a record low of -246452 ZAR Million in the third quarter of 2013. This page provides the latest reported value for - South Africa Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Africa Current Account - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: South African Reserve Bank
Current Account in South Africa is expected to be -170000.00 ZAR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in South Africa to stand at -210000.00 in 12 months time. In the long-term, the South Africa Current Account is projected to trend around -145000.00 ZAR Million in 2021 and -160000.00 ZAR Million in 2022, according to our econometric models.