(Reporting by Nellie Peyton Editing by Alexander Winning)
JOHANNESBURG, March 9 (Reuters) - South Africa's current
account balance switched to a deficit of 2.6% of gross domestic
product in the final quarter of 2022 from a small surplus in the
third quarter, central bank data showed on Thursday.
In rand terms the current account deficit for the
October-December period was 174.0 billion rand from a surplus of
3.1 billion in the previous quarter.
The trade surplus fell to 12.2 billion rand in the fourth
quarter from 248.8 billion rand in the third quarter, as the
value of the country's imports increased while that of exports
decreased.
"The increase in the rand price of imported goods and
services was broad-based, however the prices of machinery and
electrical equipment, travel services and transportation
services increased the most. The decrease in the rand price of
exported goods and services reflected decreases in price of
mining exports, especially mineral products and platinum group
metals," the central bank explained.
Data showed on Tuesday that South Africa's economy
contracted by 1.3% in the fourth quarter as rolling power cuts
contributed to most sectors from agriculture to mining
shrinking.
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