-
Current account of the balance of payments: Fourth quarter 2022
The balance on the current account of the balance of payments switched to a deficit of R174 billion (2.6% of GDP) in the fourth quarter of 2022 from a revised surplus of R3.1 billion in the third quarter. On an annual basis, the balance of the current account switched to a deficit of R31.8 billion (0.5% of GDP) in 2022 from a surplus of R228 billion (3.7% of GDP) in 2021 – the first annual deficit since 2019. South Africa’s trade surplus narrowed from R249 billion in the third quarter of 2022 to R12.2 billion in the fourth quarter as the value of merchandise imports increased while that of goods exports declined. ... (full story)