South Africa's current account deficit widens sharply in fourth quarter
South Africa's current account deficit widened sharply in the fourth quarter of 2023 to 2.3% of gross domestic product (GDP) from a revised 0.5% of GDP in the third quarter, central bank data showed on Thursday.
The South African Reserve Bank (SARB) said the current account deficit was 1.6% of GDP for 2023. The National Treasury had estimated the deficit at 1.8% of GDP.
In rand terms, the current account deficit widened to R165.5-billion rand in the October-December period, from a revised R34.4-billion in the previous three months.
The trade surplus narrowed to R88.1-billion in the fourth quarter from R181.1-billion in the third quarter, while the annual trade surplus more than halved in 2023, to 1.5% of GDP from 3.4% in 2022.
The SARB said the fourth-quarter trade surplus narrowed because the value of imports grew more than that of exports.
Imports that rose in value included crude oil and refined petroleum products. Exports of fruit and manufacturing products increased but exports of pearls, precious and semi-precious stones declined.
South Africa's economy grew by just 0.6% in 2023, weighed down by inefficiencies at state power and logistics companies Eskom and Transnet.
The rand depreciated more than 7% against the dollar over 2023, making imports more expensive.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
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
