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South Africa’s current account deficit shrank by much more than expected in the third quarter, reflecting lower import volumes amid weaker demand and logistics bottlenecks.
The deficit on the current account, the broadest measure of trade in goods and services, shrank to an annualized 0.3% of gross domestic product, or 19.3 billion rand ($1 billion), from a revised 2.7% of GDP in the prior quarter, the South African Reserve Bank said in a statement Thursday.
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