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South Africa Current-Account Gap Narrows From Two-Year High

  • Second-quarter gap is 3.3% from revised 4.6% in first quarter
  • Deficit was 163.8 billion rand in second quarter, bank says
Bloomberg business news
ANC Head of Economic Transformation Enoch Godongwana discusses the state of the South African economy.Source: Bloomberg

South Africa’s current-account deficit for the second quarter narrowed from the biggest in two years as the trade balance switched to a surplus, countering a slightly larger shortfall on the services, income and current-transfer account.

The gap on the current account, the broadest measure of trade in goods and services, narrowed to 3.3 percent of gross domestic product in the second quarter, the Pretoria-based South African Reserve Bank said in a statement Thursday.