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Financial News: South Africa Current Account Deficit Narrows

South Africa Current Account Deficit Narrows

03/05/2020 - 05:29:00 (RTTNews)

(RTTNews) - South Africa's current account deficit narrowed in the fourth quarter, data from the South African Reserve Bank showed Thursday.

The deficit on the current account of the balance of payments narrowed to ZAR 68.1 billion in the fourth quarter from ZAR 188.1 billion in the third quarter.

Consequently, as a ratio of gross domestic product, the current account deficit narrowed to 1.3 percent in the fourth quarter from 3.7 percent in the third quarter.

In 2019, the ratio narrowed to 3.0 percent from 3.5 percent in 2018.

In the fourth quarter, the trade surplus widened substantially to ZAR 102.5 billion. Moreover, the shortfall on the services, income and current transfer account narrowed significantly to ZAR 170.6 billion in the fourth quarter.

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