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SA’s account deficit reaches 6-year best

The Reserve Bank has announced that the country’s current account deficit narrowed to its best levels in 6 years in the last quarter of 2016.

Picture: Supplied.

JOHANNESBURG – South Africa's current account deficit narrowed to its best levels in 6 years in the last quarter of 2016.

This emerged when The Reserve Bank released its first Quarterly Bulletin for the year earlier Tuesday.

An increase in mining exports and dividends flowing into South Africa contributed to the narrowing of the current account deficit to 1.7% of GDP, the smallest shortfall since 2011.

This lead to an improved deficit of 3.3% of GDP for 2016, exceeding market expectations.

Economist Mohammed Nalla said: “It is probably too early to tell whether some of these global factors will have the consistency required in order to push those metrics substantially better.”

But Nalla remains optimistic with a positive global economic outlook for 2017.