The Currency Account Deficit Tapers

SOUTH AFRICA - Report 19 Jun 2013 by Iraj Abedian
According to the quarterly bulletin of the South African Reserve Bank (SARB), the deficit on the current account narrowed in the first quarter of 2013, an indication of a resurgence in export activity. Consequently, the ratio of the current account balance to the gross domestic product was-5.8% in Q1 2013, compared to -6.5% in the previous quarter (see Graph 1 below).Graph 1Current Account Balance, South Africa, Q1 2008-Q1 2013Source: SARBThe quarterly bulletin highlighted that the value of merchandise exports increased by 11.9% in Q1 2013, following a subdued performance in Q4 2012. Simila...

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