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10 March 2023 – South Africa’s current account balance switched to a deficit of 2.6% of gross domestic product (GDP) in the final quarter of 2022 from a small surplus in the third quarter, central bank data showed on Thursday.
In rand terms the current account deficit for the October to December period was R174-billion from a surplus of R3.1-billion in the previous quarter.
The trade surplus fell to R12.2-billion in the fourth quarter from R248.8-billion in the third quarter, as the value of the country’s imports increased while that of exports decreased.
“The increase in the rand price of imported goods and services was broad-based; however, the prices of machinery and electrical equipment, travel services and transportation services increased the most. The decrease in the rand price of exported goods and services reflected decreases in price of mining exports, especially mineral products and platinum group metals,” the central bank explained.
Data showed on Tuesday that South Africa’s economy contracted by 1.3% in the fourth quarter as rolling power cuts contributed to most sectors from agriculture to mining shrinking. Source: Engineering News