South Africa’s current account deficit declined to ZAR 212.6 billion in the fourth quarter from ZAR 215 billion in the prior quarter, data from South African Reserve Bank showed Tuesday.
The deficit on the services, income and current transfer account contracted marginally, causing the deficit on current account of the balance of payments to decrease to 6.5 percent of gross domestic product, the report said.
For 2012 as a whole, the deficit on the current account amounted to 6.3 percent of GDP compared with 3.4 percent in 2011.
The trade deficit narrowed to ZAR 86.1 billion from ZAR 87.3 billion a quarter ago. At the same time, the net service, income and current transfer payment showed a shortfall of ZAR 126.5 billion compared to a ZAR 127.7 billion deficit in the previous quarter.
by RTT Staff Writer
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