Current account deficit widens
SOUTH Africa’s current account deficit widened to 2.4% of gross domestic product in the second quarter as an increased trade surplus was offset by a larger shortfall on services, income and current transfer payments, the central bank says.
The overall deficit was wider than forecast by economists surveyed, who expected it to match the first-quarter figure of 2%.
A rise in the value of exported gold and merchandise goods had helped widen the trade surplus to R65 billion from R57bn in the first quarter, the Reserve Bank said in its September quarterly bulletin. The services, income and current transfer account deficit widened to 3.8% from 3.3%. – Reuters