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South Africa's current account deficit narrows to lowest since 1Q2004

23-Sep-2010 1:14 PM

South Africa's Reserve Bank stated (22-Sep-2010) the nation's current account deficit narrowed to the lowest in more than six years in 2Q2010 as exports of commodities and automobiles recovered and the 2010 Soccer World Cup raised tourist receipts. The shortfall on the current account eased to 2.5% of GDP from 4.6% in 1Q2010, to reach the lowest level since 1Q2004.