Q2 current account deficit widens to 2.4% of GDP
South Africa's current account deficit widened to 2.4% of GDP in the second quarter, despite an improved trade surplus, as a larger shortfall on the services, income and current transfer payments weighed, the central bank said on Thursday.
The overall first quarter deficit was 2% and economists surveyed by Reuters had expected a similar deficit for the second quarter.
The trade surplus widened to R65-billion ($4.94-billion) in the three months to end of June from R57-billion in the prior quarter, the Reserve Bank said in its September quarterly bulletin.
"Contrary to the improvement in the trade balance, the shortfall on the services, income and current transfer account widened further in the second quarter. As a result, the deficit on the current account of the balance of payments widened," it said.
The services, income and current transfer account deficit widened to 3.8% of GDP from 3.3%.
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