Current Account in South Africa

South Africa Current Account | Economic News & Forecasts

South Africa - Current Account

South Africa’s economic challenges continue to mount amid rolling blackouts and rising external headwinds. Manufacturing activity decelerated in the second quarter; mining production continued to fall, albeit less rapidly; and the unemployment rate soared to an over 15-year high in Q2, reflecting the intensifying spillovers from Eskom’s financial meltdown and piling further pressure on President Ramaphosa. Prospects for the private sector remained grim going into the third quarter as the PMI slid to an eight-month low in July, while business confidence deteriorated. For the year through to March, the debt-ridden state-owned utility reported a record annual loss, which, although lower than expected, indicates a serious strain on government finances. Meanwhile, on 26 July, Fitch Ratings downgraded South Africa’s credit rating outlook to negative. The ratings agency cited the marked widening in the budget deficit, owing to weaker growth and increased spending after the government unveiled a further USD 4.2 billion in bailout funds for Eskom three days before.

South Africa - Current Account Data

2013  2014  2015  2016  2017  
Current Account (% of GDP)-5.8  -5.1  -4.6  -2.9  -2.5  

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South Africa Current Account Chart


South Africa Current Account
Note: Current account balance as % of GDP.
Source: South African Reserve Bank and FocusEconomics calculations.

South Africa Facts

ValueChangeDate
Bond Yield8.100.29 %Sep 04
Exchange Rate14.81-0.21 %Sep 04
Stock Market0.1-0.44 %Sep 04

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