SA records current account deficit in second quarter

South Africa’s current account balance dipped to a deficit of 1.3% of gross domestic product (GDP) in the second quarter from a surplus of 2.4% of GDP in the first quarter, central bank data showed on Thursday. Moneyweb GDP

South Africa’s current account balance dipped to a deficit of 1.3% of gross domestic product in the second quarter from a surplus of 2.4% of GDP in the first quarter, central bank data showed on Thursday.

The trade surplus narrowed to R272 billion in the period from R372 billion in the previous quarter, as the value of both merchandise exports and imports increased further to all-time highs, the South African Reserve Bank said. Data on Tuesday showed South Africa’s economy contracted back to pre-pandemic size in the second quarter, weakened by floods that disrupted operations at a key export hub and the country’s worst-ever power cuts.

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