South Africa’s current account deficit eases as trade surplus grows in 2024

SOUTH AFRICA - Report 06 Mar 2025 by Iraj Abedian

Data released by the South African Reserve Bank indicates that the deficit on South Africa’s current account narrowed from R55.6 billion in the third quarter to R31.6 billion in the fourth quarter of 2024. As a ratio of GDP, the current account thus narrowed to a deficit of 0.4% in the fourth quarter of 2024 from 0.8% in the third quarter. On an annual basis, the current account balance narrowed to a deficit of R44.5 billion in 2024 from a deficit of R112.1 billion in 2023, translating to 0.6% from 1.6% as a ratio of GDP.

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