In South Africa Q2 current account deficit narrows to 3.1 pct

"The positive trade balance in the second quarter of 2015 largely reflected increased global demand alongside the depreciated external value of the rand," the bank noted.

  • Published: , Refreshed:
Q2 current account deficit narrows to 3.1 pct play

Q2 current account deficit narrows to 3.1 pct

(Reuters)
24/7 Live - Subscribe to the Pulse Newsletter!

South Africa's current account deficit narrowed for the fourth consecutive quarter to 3.1 percent of GDP in the second quarter of the year from a shortfall of 4.7 percent in the first three months of 2015, the central bank said on Tuesday.

Economists surveyed by Reuters had expected a 4.0 percent gap for the second quarter.

South Africa's weakened rand currency, which has fallen over 10 percent against the dollar in 2015, helped lift exports during the quarter, while the subdued growth in the value of imports also contributed to the improved trade balance, the Reserve Bank said in its September quarterly bulletin.

"The positive trade balance in the second quarter of 2015 largely reflected increased global demand alongside the depreciated external value of the rand," the bank noted.

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.