South Africa: Current Account Deficit Soars to 22-Year High

Johannesburg — ECONOMISTS voiced concern over the state of SA's balance of payments yesterday as the deficit on the current account soared to its worst level in 22 years.

The Reserve Bank said in its first Quarterly Bulletin of the year that the deficit on the current account, which measures the difference in value between the import and export of goods and services, rose to 4,2% of gross domestic product (GDP) last year, from 3,4% in 2004. In the fourth quarter, the deficit rose to a record R71,6bn (4,5% of GDP), from R68,4bn (4,4% of GDP) in the third quarter.

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