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Johannesburg - South Africa’s current account deficit
widened less than expected to 3.3% of GDP in the second quarter of 2011 from a
3.1% shortfall in the first quarter, the Reserve Bank said on Tuesday.
A Reuters poll last week showed the market was expecting the
current account deficit to widen to 3.5% in the second quarter.
In its September quarterly bulletin, the central bank said
the current account widened in part due to a sharp rise in imports compared
with exports.
"These developments, together with a moderate increase
in the shortfall on the services, income and current transfer account of the
balance of payments, gave rise to a widening on the current account
deficit," the bank said.
Net capital inflows on the financial account of the balance of payments - including unrecorded transactions - were smaller at R23.7bn in the second quarter compared with inflows of R55.1bn in the first quarter.
