(Reuters) – South Africa’s current account balance dipped to a deficit of 1.3% of gross domestic product (GDP) in the second quarter from a surplus of 2.4% of GDP in the first quarter, central bank data showed on Thursday.
In rand terms, the current account balance for the April-June period recorded a deficit of 87 billion rand ($5.03 billion) from a surplus of 157 billion rand in the previous three months.
The trade surplus narrowed to 272 billion rand in the period from 372 billion rand in the previous quarter, as the value of both merchandise exports and imports increased further to all-time highs, the South African Reserve Bank said.
Data on Tuesday showed South Africa’s economy contracted back to pre-pandemic size in the second quarter, weakened by floods that disrupted operations at a key export hub and the country’s worst-ever power cuts.
($1 = 17.2885 rand)
(Reporting by Bhargav Acharya in Bengaluru; Editing by Olivia Kumwenda-Mtambo)
