Current Account in South Africa
South Africa - Current AccountConditions likely remained challenging in Q3, although available data hints at a mild pickup halfway through the quarter, with manufacturing production expanding in monthly terms in August–September for the first time in five months. Meanwhile, following the UN’s COP26 summit, South Africa is set to receive USD 8.5 billion in funding to accelerate the switch from coal to renewables—currently around 90% of the country’s energy is supplied by coal-fueled plants. In politics, the ruling African National Congress party recorded its worst ever result at the municipal elections on 1 November, disadvantaged by a low voter turnout, widespread corruption and a high unemployment rate. The results augur trouble for the party at the next general elections in 2024. On 11 November, authorities presented the medium-term FY 2022 budget, which commits to a deficit reduction and the stabilization of the debt-to-GDP ratio, and sees output returning to pre-pandemic levels.
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 19, 2021
After postponing its presentation twice, on 11 November the government set out the FY 2021–2022 medium-term budget policy statement before parliament, reaffirming its commitment to fiscal consolidation and to bringing debt stocks back to a sustainable level.
November 17, 2021
Consumer prices increased 0.24% in October over the previous month, below the 0.25% increase logged in September.
November 11, 2021
Manufacturing production increased 1.3% year-on-year in September (August: +1.9% yoy).
November 4, 2021
The IHS Markit Purchasing Managers’ Index (PMI) fell below the neutral 50-threshold in October, dropping to a three-month low of 48.6 from September’s three-month high of 50.7, signaling a deterioration in business operating conditions compared to the prior month. October’s decay was largely due to a sharp output decline as strikes in the metal industry and ongoing material shortages dragged on production.
October 20, 2021
Consumer prices increased 0.25% from the previous month in September, slowing down from August's 0.41% rise.