Abstract: As a ratio of GDP, the current account deficit widened to 2.9% in the first quarter of 2019 from 2.2% in the fourth quarter of 2018 while its trade surplus decreased from R71.8 billion to R43.0 billion over the same period. The deterioration in the trade balance was triggered by excess merchandise imports that. Further to this, was the shortfall on the services, income and current transfer account, widening somewhat to R185.5 billion in the first quarter of 2019 from R182 billion in the fourth quarter of 2018. The slow growth in 2018 served an impetus for governments and central banks to adopt more expansionary fiscal and monetary policies and the impact on growth is yet to be seen.