South Africa's current account deficit narrowed to 5.8 percent of gross domestic product in the first quarter from 6.5 percent a quarter ago, South African Reserve Bank said Wednesday. Nonetheless, the deficit widened from 5 percent in the same period of previous year.
The deficit declined sharply to ZAR 190.9 billion from ZAR 212.6 billion in the fourth quarter.
The central bank said the shortfall on the services, income and current transfer account with the rest of the world, which had remained broadly unchanged since the second quarter of 2012, improved markedly in the first quarter of 2013.
The trade deficit decreased to ZAR 78.2 billion from ZAR 86.1 billion. Similarly, the shortfall on net service, income and current transfer payments narrowed to ZAR 112.7 billion from ZAR 126.5 billion.
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