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South Africa Q4 Current Account Deficit Narrows

3/19/2012 4:26 AM ET

South Africa's current account deficit decreased from the previous quarter in the fourth quarter, data released by the South African Reserve Bank showed Monday.

The current account deficit deceased to ZAR21.44 billion or 3.6 percent of gross domestic product (GDP) in the fourth quarter from ZAR34.93 billion in the third quarter.

The deficit on the services, income and current transfer account narrowed significantly in the fourth quarter, as dividend payments to non-residents declined following exceptionally large payments in the third quarter, data showed.

The balance in the financial account was a surplus of ZAR12.53 billion in the fourth quarter, sharply higher than ZAR4.67 billion recorded in the third quarter.

In the whole of 2011, the current account deficit was 3.3 percent of GDP, up from 2.8 percent in the previous year.

by RTT Staff Writer

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