Current Account in South Africa
South Africa - Current Account (billions of U.S. Dollars)The economic backdrop worsened further in the second quarter, after GDP fell at the sharpest rate in a year in the first quarter. Manufacturing output nosedived in April, while merchandise exports tumbled in April–May, reflecting depressed external demand due to Covid-19. In better news, the PMI pulled away from record lows in June as restrictions were lifted. That said, surging number of new cases prompted the government to reinstate the nighttime curfew and ban the sale of alcohol on 13 July, boding ill for activity at the outset of Q3. On the policy front, on 24 June the government unveiled a supplementary budget, which includes increased spending to mitigate the fallout from the pandemic. Consequently, the budget deficit for the current fiscal year is now expected to widen to 15.7% of GDP, almost double the previous estimate.
South Africa - Current Account (USD bn) Data
|Current Account Balance (USD bn)||-14.6||-8.5||-8.9||-13.1||-10.6|
5 years of economic forecasts for more than 30 economic indicators.
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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August 11, 2020
Manufacturing output dropped 16.3% compared to the same month a year earlier in June, which was above May's 32.4% decrease.
August 5, 2020
The South Africa IHS Markit PMI rose to 44.9 in July from 42.5 in June, marking the best reading in five months.
July 29, 2020
Consumer prices increased 0.52% in June over the previous month, swinging from the 0.61% drop seen in May.
July 23, 2020
On 23 July, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) lowered the repurchase rate by 25 basis points to 3.50%, coming in line with market expectations and marking a new record low.
South Africa: Government presents FY 2020 supplementary budget and ambitious debt stabilization plan
July 20, 2020
On 24 June, the government presented a supplementary emergency budget for the current fiscal year (FY) 2020–2021, which runs until March 2021.