JOHANNESBURG - Data from the South African Revenue Services (SARS) showed that the current account for the second quarter widened more than market expectations with the deficit rising from R91 billion in the first quarter of 2017 to R110bn in the second quarter.
This means that the current account deficit has widened from 2% to 2.4% of the gross domestic product (GDP) for the second quarter of the year.
The trade surplus widened to R65-billion in the quarter ended June from R57-billion in the prior quarter, the Reserve Bank said in its September quarterly bulletin.
Sars said the services, income, and current transfer account deficit widened to 3.8% of GDP from 3.3%.
The widened current account deficit follows data from SARS last week that showed that the country’s trade surplus decreased to R8.9bn in July from a downwardly revised R10.5bn surplus in June, as both imports and exports showed significant declines.
- BUSINESS REPORT