SA fourth-quarter data fuels recovery hopes

Friday, March 26, 2010

South Africa's current account deficit narrowed to a 4-1/2 year low in the last quarter of 2009 while household spending and employment rebounded, virtually ruling out chances of an interest rate cut this week.

The central bank said in its latest quarterly bulletin released on Tuesday that the current account gap dipped to a smaller-than-expected 2,8 percent of GDP from a downwardly revised 3,1 percent the previous quarter, aided by higher exports and a drop in dividends paid to foreign investors.

Economists had forecast 3,6 percent for the fourth quarter.

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