The Current Account Deficit Shrinks in 2014

SOUTH AFRICA - Report 18 Mar 2015 by Iraj Abedian
According to official figures released by the South African Reserve Bank (SARB), the deficit in the current account narrowed to 5.1% of the gross domestic product (GDP) of 2014, from 5.8% in 2013. Likewise, the ratio of the current account deficit to GDP shrank by 0.7 of a percentage point between Q3 and Q4 2014 (see Graph 1). Graph 1 Current account balance, South Africa, 2000-2014 and Q1-Q4 2014 Source: SARB and PAIRS A mixture of different ingredients brought about this outcome: subdued domestic consumption expenditure;a weak rand; andan improvement in South Africa’s terms of trade, that...

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