South Sudan’s current account balance was 7.9% of GDP in 2023.

Higher is better. A higher balance is better because a surplus means the country takes in more foreign currency than it sends out, which reduces the need to borrow abroad or draw down reserves. The latest figure, for 2023, is a surplus of 7.9% of GDP. A year earlier, in 2022, the balance was a deficit of 11.2 per cent of GDP, so it improved by 19.2 percentage points. Since 2014 the lowest reading was a deficit of 35 per cent of GDP in 2020, and the highest was 8.3% of GDP in 2017. The 2023 figure therefore sits close to the top of its range for the period.

Why it matters. A surplus of this size means more foreign currency came into South Sudan than left it, which eases pressure on the exchange rate and on the price of imported goods in the shops. Firms that buy from abroad find foreign currency easier to obtain, and the state has less need to borrow abroad to cover the gap. The swing from a deficit of 35 per cent of GDP in 2020 shows how quickly the balance can move, so the next annual reading after 2023 will show whether the surplus holds.