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South Africa posts widest current account deficit since 2019 | SA News

South Africa’s current account slumped to a deficit in the second quarter as the nation’s trade surplus narrowed sharply and the value of imports increased more than that of exports amid fallout from the Iran war.

The balance on the current account — the broadest measure of trade in goods and services — turned to a deficit of 2.6% of gross domestic product, or R205.5 billion ($12.8 billion), from a surplus of 2.3% in the previous quarter, the South African Reserve Bank said in a report on Thursday.

The shortfall was much higher than the median estimate of seven economists surveyed by Bloomberg, who forecast a smaller gap of 1.3% of GDP. The quarterly deficit as a percentage of GDP was…

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