South Africa’s current account deficit narrowed for the fourth consecutive quarter in the three months ended June, figures from the South African Reserve Bank showed Tuesday.
The current account deficit fell to a seasonally adjusted 3.1 percent of the gross domestic product from 4.7 percent in the preceding quarter.
In value, the current account deficit was ZAR 124.1 billion in the second quarter against ZAR 185.3 billion in the three-month period to March. In the same period of the previous year, the shortfall was ZAR 232 billion.
The South African economy contracted in the June quarter. Real GDP fell at an annualized rate of 1.3 percent, reversing the positive growth magnitude that was recorded in the prior quarter, the bank said in its quarterly bulletin.
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