Current Account in South Africa
South Africa - Current AccountThe economy returned to pre-pandemic levels as economic growth accelerated in the first quarter. The print was driven by increases in household consumption and exports of goods and services, although the pace of expansion eased for both. Activity seemingly began to worsen in the second quarter. Business conditions improved at a softer pace in April and May compared to the prior quarter, with activity disrupted by the devastating floods in the KwaZulu-Natal region. Business sentiment tanked further in the same two months. Furthermore, manufacturing production contracted at a six-month steep pace in April. Meanwhile, elevated inflation will have dented household spending. More positively, the war in Ukraine is buoying exports of coal to Europe, boding well for the external sector. Lastly, in mid-June the World Bank approved a USD 474 million loan to fund Covid-19 vaccine purchases.
South Africa - Current Account Data
|Current Account (% of GDP)||-4.6||-2.9||-2.5||-3.5||-3.0|
5 years of economic forecasts for more than 30 economic indicators.
South Africa Current Account Chart
Source: South African Reserve Bank and FocusEconomics calculations.
South Africa Facts
|Bond Yield||8.26||0.29 %||Dec 31|
|Exchange Rate||13.98||-0.21 %||Dec 31|
|Stock Market||0.1||-0.44 %||Jan 06|
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November 10, 2022
Manufacturing production increased 4.9% month on month in seasonally-adjusted terms in September (August: +2.2% mom).
November 3, 2022
The S&P Global Purchasing Managers’ Index (PMI) rose to 49.5 in October, up from the prior month’s 49.2.
October 19, 2022
Inflation dropped to 7.5% in September, which followed August’s 7.6%.
October 11, 2022
Manufacturing output expanded 2.1% month on month in seasonally adjusted terms in August (July: -0.1% mom).
October 5, 2022
The S&P Global Purchasing Managers’ Index (PMI) fell to 49.2 in September, down from August's 51.7.