South Africa’s external position improved sharply in late 2025, with the current account shifting from a substantial deficit to a notable surplus in the fourth quarter. The balance moved from -72.0 billion in the third quarter of 2025 to 50.2 billion in the fourth quarter of 2025, according to data updated on 12 March 2026.
The turnaround marks a significant reversal in the country’s quarterly current account dynamics, suggesting a stronger net inflow of income, trade, or transfers compared with the previous period. While the underlying drivers are not detailed in the latest release, the move into positive territory is likely to draw attention from investors and policymakers tracking South Africa’s external sustainability and financing needs.
The sharp improvement between the third and fourth quarters of 2025 will be closely watched in subsequent data to determine whether it reflects a one-off adjustment or the beginning of a more durable trend in South Africa’s balance with the rest of the world.
