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South Africa's current account deficit narrows again in second quarter

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South Africa's current account deficit narrows again in second quarter

A view of the Pretoria skyline
Photo by Reuters

5th September 2024

By: Reuters

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South Africa's current account deficit narrowed in the second quarter, to 0.9% of gross domestic product (GDP) from 1.5% of GDP in the first quarter, central bank data showed on Thursday.

In rand terms the current account deficit narrowed to R64.6-billion in April to June, from R106.9-billion in the previous three-month period.

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The trade surplus widened further to R187.4-billion in the second quarter from R165.8-billion in the first quarter.

"The increase in the value of exports of goods and services in the second quarter of 2024 reflected higher prices while the increase in imports of goods and services reflected both higher volumes and prices," the South African Reserve Bank said in a statement.

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South Africa's economy grew 0.4% in the second quarter, statistics agency data showed on Tuesday, supported by higher consumer spending and power availability, but output declines in agriculture, mining and transport meant growth was slightly weaker than expected.

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