The South African Reserve Bank published balance of payments current account statistics for the fourth quarter of 2024, showing the current account deficit narrowed to ZAR 31.6 billion (0.4% of GDP) from a revised ZAR 55.6 billion (0.8% of GDP) in the third quarter. On an annual basis, the current account deficit narrowed to ZAR 44.5 billion (0.6% of GDP) in 2024 from ZAR 112.1 billion (1.6% of GDP) in 2023. The improvement in the quarter reflected a wider trade surplus, which rose to ZAR 232.9 billion from ZAR 200.4 billion as the value of goods exports increased more than that of merchandise imports. Exports of goods and services rose on higher volumes and prices, while imports of goods and services increased on higher volumes. Offsetting this, the shortfall on the services, income and current transfer account widened to ZAR 264.5 billion from ZAR 256.1 billion, driven by a larger deficit on the income account, with the overall ratio to GDP unchanged at 3.5%; for 2024, this shortfall widened to ZAR 260.9 billion (3.6% of GDP) from ZAR 215.5 billion (3.1% of GDP) in 2023. The next release is scheduled for 05 June 2025.
South African Reserve Bank 2025-03-06
South African Reserve Bank reports current account deficit narrows to 0.4% of GDP in Q4 2024
The South African Reserve Bank reported a narrowing of the current account deficit to ZAR 31.6 billion (0.4% of GDP) in Q4 2024, down from ZAR 55.6 billion (0.8% of GDP) in Q3. This improvement was driven by a wider trade surplus, with exports rising more than imports. However, the services, income, and current transfer account shortfall widened to ZAR 264.5 billion, maintaining a GDP ratio of 3.5%.