Current Account in South Africa
South Africa - Current AccountSouth 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
|Current Account (% of GDP)||-5.8||-5.1||-4.6||-2.9||-2.5|
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||8.10||0.29 %||Sep 04|
|Exchange Rate||14.81||-0.21 %||Sep 04|
|Stock Market||0.1||-0.44 %||Sep 04|
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September 10, 2019
The contraction of the manufacturing sector eased in July.
September 4, 2019
In August, the IHS Markit Purchasing Managers’ Index (PMI) regained lost ground in August, climbing to 49.7 from 48.4 in July.
September 3, 2019
South Africa’s economy escaped technical recession in the second quarter, bouncing back from the first-quarter’s marked contraction, leading to gains in the rand.
August 21, 2019
Consumer prices rose 0.4% over the previous month in July, matching June’s month-on-month upturn.
August 16, 2019
On 16 August, the rand traded at 15.23 per USD, a 8.7% depreciation from the same day in July.