SA current account records first surplus in over two years

South Africa recorded its first current account surplus in more than two years during the final quarter of 2025, supported by a rally in precious metal prices. Data released by the South African Reserve Bank (SARB) on Thursday indicates that the current account transitioned to a surplus of 0.6% of gross domestic product (GDP) in the fourth quarter, swinging from a 0.9% deficit in the third quarter. The surplus for the October-December period was valued at 50.2 billion rand ($3.03 billion), a significant improvement over the 72.0 billion rand deficit reported in the previous three-month window. This marks the first time the nation has seen a positive balance since the third quarter of 2023. A primary driver for this economic shift was the widening trade surplus, which grew to 282.2 billion rand from 169.0 billion rand in the third quarter. The SARB attributed this growth to higher export prices for commodities, particularly gold. The performance of global mining entities, including Barrick Gold Corporation, underscores the impact that fluctuating precious metal values have on resource-rich economies.