SA’s current account deficit narrowed to its lowest level in more than six years during the second quarter of this year, driven largely by a leap in tourist spending during the World Cup.
The shortfall on the broadest measure in goods and services shrank to 2,5% of gross domestic product (GDP) from 4,6% in the first quarter, the Reserve Bank said yesterday. That was well below consensus forecasts for a 3,2% deficit.
The narrowing was partly due to an improved trade balance, which swung back into a surplus to the tune of R13,2bn during the second quarter from a deficit of R12,9bn in the first, its September quarterly bulletin showed.
But the most surprising was a sharp narrowing of the deficit on the services, income and current transfer account, which shrank to R80bn from R103,2bn.
http://www.businessday.co.za/articles/Content.aspx?id=121807
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