The current account balance shifted to a surplus of ZAR 69.7 billion in Q1 2020 from a deficit of ZAR 68.1 billion in the previous period and beating market expectations of a ZAR 34.9 gap. It was the first current account surplus since Q1 2003, as the trade surplus more than doubled to ZAR 208 billion from ZAR 102.5 billion, due to a rise in exports value amid increases in prices and volumes, while lower volumes weighed down the value of imported goods. That said, the effects of the Covid-19 pandemic on South Africa’s imports and exports were still limited in Q1 2020, with the domestic lockdown restrictions only effective as from late March. Meantime, the deficit on the services, income and current transfer account narrowed substantially to ZAR 138.2 billion Q1 2020 from ZAR 170.6 billion in the prior quarter, primarily due to a smaller income shortfall. As a ratio of GDP, the current account balance swung to a surplus of 1.3% in Q1 2020 from a gap of 1.3% in Q4 2019.
Current Account in South Africa averaged -31532.80 ZAR Million from 1960 until 2020, reaching an all time high of 69700 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 July 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.