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Financial News: S. Africa's Current Account Deficit Narrows In Q4

S. Africa's Current Account Deficit Narrows In Q4

03/22/2017 - 05:59:00 (RTTNews)

(RTTNews) - South Africa's current account deficit narrowed in the fourth quarter, the South African Reserve Bank reported Wednesday.

The current account deficit declined to ZAR 76 billion in the fourth quarter from EUR 166 billion in the third quarter.

As a percentage of GDP, the current account deficit was 1.7 percent compared to 3.8 percent a quarter ago. For 2016 as a whole, the ratio narrowed to 3.3 percent from 4.4 percent in 2015.

The improvement in the trade balance coincided with a narrowing of the shortfall on the services, income and current transfer account, from ZAR 159 billion in the third quarter of 2016 to ZAR 132 billion in the fourth quarter.

The smaller current account deficit was financed through net portfolio inflows, while direct and other investment registered outflows in the fourth quarter of 2016.

The budget deficit, as a percentage of GDP, is forecast to narrow over the medium term. The government expects to record a primary surplus in the fiscal 2016/17 and over the medium term.

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