South Africa's current account deficit shrinks more than expected
South Africa’s current account deficit shrank by more than expected in the fourth quarter, aided by an improvement in the trade surplus.
The gap on the current account – the broadest measure of trade in goods and services – narrowed to 0.4% of gross domestic product or R31.6-billion in the three months through December, from a revised 0.8% of GDP or R55.6-billion in the prior quarter, data released Thursday by the central bank showed.
The median estimate of five economists surveyed by Bloomberg was for a current account gap of 0.9% of GDP, or R70-billion.
The deficit for the year was 0.6% of GDP or R44.5-billion, compared with a gap of 1.6% of GDP in 2023. That was better than the 1.2% shortfall forecast by the central bank.
Driving the narrower quarterly deficit was a widening in the nation’s trade surplus to R232.9-billion from R200.4-billion in the third quarter, as the value of goods exported increased by more than that of merchandised imports.
The advance was driven by an increase in both the value and volume of exports, the central bank said, which noted a fourth-quarter improvement in the country’s terms of trade, as the rand price of exports rose while that of imports decreased.
For the whole of last year, the trade surplus more than doubled to R216.4-billion or 3% of GDP, from R103.4-billion or 1.5% of GDP in 2023.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
