South Africa’s current account deficit narrows again in second quarter
2024.09.05 05:36
JOHANNESBURG (Reuters) – South Africa’s current account deficit narrowed in the second quarter, to 0.9% of gross domestic product (GDP) from 1.5% of GDP in the first quarter, central bank data showed on Thursday.
In rand terms the current account deficit narrowed to 64.6 billion rand ($3.62 billion) in April-June, from 106.9 billion rand in the previous three-month period.
The trade surplus widened further to 187.4 billion rand in the second quarter from 165.8 billion rand in the first quarter.
“The increase in the value of exports of goods and services in the second quarter of 2024 reflected higher prices while the increase in imports of goods and services reflected both higher volumes and prices,” the South African Reserve Bank said in a statement.
South Africa’s economy grew 0.4% in the second quarter, statistics agency data showed on Tuesday, supported by higher consumer spending and power availability, but output declines in agriculture, mining and transport meant growth was slightly weaker than expected.
($1 = 17.8493 rand)
