Forex - South Africa: Q3 annualized C/A deficit ticks up to ZAR 177bn, 3.5% of GDP


 09:15 (GMT) 06 Dec

  [Economic Data]

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South Africa: Q3 annualized C/A deficit ticks up to ZAR 177bn, 3.5% of GDP (0101-GRJJ-C01)

South Africa's annualized C/A deficit ticked up to ZAR 177bn, 3.5% of GDP in Q3 from ZAR 164bn, 3.4% of GDP in Q2. The annualized trade surplus, which consists of merchandise exports and imports and net gold exports, shrank to ZAR 14bn in Q3 from ZAR 38bn in Q2.

While merchandise exports were up 10.6% q/q in value terms in Q3, imports were 12.7% q/q higher. The deficit on the services, income and current transfer account was ZAR 191bn in Q3, narrowing from ZAR 206bn in Q2. We think that the current account deficit will remain relatively low in the next few quarters as the rand's depreciation will support external demand for local goods and services while domestic demand will probably remain weak.


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