It's the first current account deficit recorded for South Africa since the second quarter of 2020.
- South Africa’s current account balance swung into a shock deficit in the second quarter of 2022
The current account of the balance of payments switched to to a deficit of R87 billion from a surplus of R157 billion in the first quarter.Economy shrinks to pre-pandemic level - power cuts, floods only partly to blameContributing factors in the Q2 decline were a larger volume of imports compared to exports, and higher dividends paid by companies.
— SA Reserve Bank September 8, 2022 Bruce Whitfield interviews Miyelani Maluleke, Senior Economist at Absa
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Africa: UCT Vice-Chancellor Wins Africa Education Medal - South African News Briefs, September 8, 2022
Read more »
South Africa: Amazon Web Services and Google to Extend Their Footprint in South AfricaDue to strong investment incentives, Africa's internet access is growing at one of the fastest paces in the world. Africa's youthful population and rapid urbanization are strong drivers of digitalisation demand.
Read more »
Be Mobile Africa digital bank launches in South AfricaBe Mobile Africa — a low to no-fee banking product provider — has announced its official launch in South Africa.
Read more »
Africa: Just Who Is Stirring Up Disinformation in Africa?Analysis - Kenya's election shows that understanding how voters are influenced online is central to freer, fairer elections.
Read more »
Africa: China Scraps Tariffs and Steps Up the Charm Offensive in AfricaChina has removed all tariffs on 98% of the goods imported from nine of Africa's least-developed countries. Experts do not expect the measure to have an impact on African economies. But it could benefit China's image.
Read more »