See also:
» 07.12.2010 - South African inflation expectations ease
» 23.04.2010 - Microsoft play ‘big brother’ in SA
» 09.04.2010 - US$3.75 billion loan for SA energy sector
» 25.03.2010 - Banks cut prime rates
» 17.03.2010 - Sweden to help SA develop clean energy
» 17.03.2010 - SA bank sign deal to access fingerprint data
» 04.03.2010 - Britain no yet convinced to lift Zim sanctions
» 03.03.2010 - More black-outs for SA after World Cup











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South Africa
Economy - Development

SA's current account deficit narrows

afrol News, 23 March - The South African Reserve Bank (SARB) has announced that the country's current account deficit has narrowed in the fourth quarter under review.

The Reserve Bank announced in its 'Quarterly Bulletin' for March 2010 released today the South African deficit on the current account of the balance of payments narrowed steadily from 6.7 percent of gross domestic product in the first quarter of 2009 to 2.8 percent in the fourth quarter.

SARB also explained that on a calendar year basis, South Africa's deficit on the current account relative to the gross domestic product narrowed from 7.1 percent in 2008 to 4.0 percent in 2009.

According to local media reports, the bank explained that the narrowing of the current account deficit in 2009 could mainly be attributed to an increase in international trade volumes and a concomitant stronger rise in the value of merchandise goods exported from South Africa.

Reports further pointed out that the country’s trade surplus with the rest of the world had widened from R22.3 billion in the third quarter of 2009 to R24.9 billion in the fourth quarter, while for the whole year, the trade balance changed from a deficit of R35.6 billion recorded in 2008 to a surplus of R2.3 billion in 2009.


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