Current Account in South Africa

South Africa Current Account (USD bn) | Economic News & Forecasts

South Africa - Current Account (billions of U.S. Dollars)

Available data points to a downturn in the third quarter following the second quarter’s upswing, as a series of breakdowns in Eskom’s coal power plants triggered a burst of rolling blackouts. Consequently, electricity supply swung to contraction in the quarter, as the debt-ridden state-owned utility struggles to stay afloat, hampering overall activity. Moreover, manufacturing production and business confidence both fell in Q3, while retail sales growth slowed in the first two months of the quarter. On 1 November, Moody’s opted to uphold its rating on the country’s sovereign debt rather than downgrade to junk, despite the medium-term budget policy statement released on 30 October revealing a bleak fiscal picture ahead. The outlook, however, was cut from stable to negative, underlining the material risk that the government will likely fail to restore fiscal discipline, especially given an apparent lack of political capital to implement tough reforms. This suggests that the country is unlikely to retain its final investment-grade rating in the medium-term; a downgrade to junk would trigger sizeable capital outflows.

South Africa - Current Account (USD bn) Data

2013  2014  2015  2016  2017  
Current Account Balance (USD bn)-20.6  -18.1  -15.4  -8.6  -8.9  

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South Africa Facts

Bond Yield8.330.29 %Nov 21
Exchange Rate14.69-0.21 %Nov 21
Stock Market0.1-0.44 %Nov 21

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