Current Account Balance: South Africa

Analysis# South Africa Current Account Balance South Africa's current account balance stands at -1.2% of GDP in 2026, reflecting a modest deficit in its external accounts. The country has experienced significant volatility over the past four decades, ranging from a peak surplus of 5.3% in 1987 to a low of -5.5% in 1981. Since 1980, the metric has deteriorated by 132.4%, indicating a structural shift toward persistent deficits rather than the surpluses of the 1980s. A remarkable reversal occurred in 2020-2021, when South Africa posted consecutive surpluses of 2.0% and 3.7% of GDP—driven largely by commodity prices and import compression during the pandemic. Since then, the balance has returned to deficit territory, settling between -0.3% and -1.2% from 2022 onward. This recent pattern suggests South Africa faces ongoing external imbalances, with deficits likely to persist as commodity cycles normalize and import pressures resume.