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The median estimate of three economists in a Bloomberg survey was for a deficit of 1.7% of GDP. South Africa has posted a current account shortfall for the 10th straight quarter.
South Africa’s current account deficit is slimmer than expected in the third quarter after its trade surplus narrowed only slightly and the shortfall on the services, income, and current transfer account was the smallest it’s been in a year.
The gap on the current account — the broadest measure of trade in goods and services — shrank to an annualized 1% of gross domestic product, or R70.8 billion ($3.9 billion), from a revised 1% of GDP, or R75.3 billion in the prior quarter, the South African Reserve Bank said in a statement recently.
The median estimate of three economists in a Bloomberg survey was for a deficit of 1.7% of GDP. South Africa has posted a current account shortfall for the 10th straight quarter.
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The annualized trade surplus narrowed to R177 billion from 179.5 in the second quarter, driven by a drop in the value of goods exports, which declined more than merchandise imports. The drop in the value of exports was driven by net gold shipments, which fell to R139 billion from R151 billion, the central bank data showed.
