Current account deficit narrows to lowest in nearly a decade

South Africa’s current account deficit narrowed to 1.3% of gross domestic product (GDP) in the fourth quarter of 2019 from a shortfall of 3.7% in the third quarter, central bank data showed on Thursday.

The deficit was the lowest since a small surplus of 0.4% in the final quarter of 2010, and well shy of the 3.5% shortfall for the quarter forecast by economists surveyed by Reuters.

The trade balance showed a wider surplus of R102.5 billion ($6.68 billion) in the fourth quarter, more than double the revised R44 billion  surplus in the previous three months.