South Africa’s current account balance, measured as a percentage of GDP, moved sharply into deficit in the second quarter of 2026, reversing the surplus recorded at the start of the year. The indicator fell from a surplus of 2.30% of GDP in the first quarter of 2026 to a deficit of -2.60% in the second quarter.
The turnaround represents a significant swing in the country’s external position over just one quarter, shifting from net lender to net borrower status relative to the rest of the world. The latest figures, updated on 10 September 2026, will be closely watched by investors and policymakers for what they may signal about trade flows, capital movements and the broader resilience of South Africa’s economy in the second half of the year.
