South Africa’s current account deficit widened to 3.3% of gross domestic product, the Reserve Bank said on Tuesday.
According to the bank’s September Quarterly Bulletin, the deficit in the second quarter widened to 3.3% from 3.1% in the first quarter. Analysts had forecasted 3.2%.
“The current account deficit increased to a seasonally adjusted and annualised R95.4billion from R87.8billion, equivalent to 3.3 % of GDP from 3.1% and against our forecast of 3.2% on the back of the smaller trade surplus fell and the slightly higher net service, income and transfer payments,” said Nedbank economists.
“In the first half of 2011, however, imports rose more strongly than exports, resulting in smaller trade surpluses in both the first and second quarter.
“These developments, together with a moderate increase in the shortfall on the services, income and current transfer account of the balance of payments, gave rise to a widening of the current-account deficit from 1% of GDP in the fourth quarter of 2010 to 3.1% and 3.3% respectively in the first and second quarters of 2011,” noted the central bank. – BuaNews
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