The President took charge of the crisis, showed the authoritarians in Cabinet that he's still the boss, writes Adriaan Basson.
Showers early. More sun than clouds. Cool.
South Africa's current account deficit narrowed to a nine-year low in the fourth quarter as outflows decreased.
The current account deficit had narrowed by R55.6bn to R163.8bn in the second quarter.
The rand firmed slightly in early trade on Friday, shrugging off a widening current account deficit to reach its best level this week.
The current account deficit has widened from 2% to 2.4% of GDP in the second quarter of the year.
South Africa’s current account deficit widened to 2.1% of GDP for the first quarter of 2017, says the South African Reserve Bank.
Gold exports were up 175% in the fourth quarter of 2016, however exports and earnings for the year had declined.
The rand hit 20-month lows following a boost from a narrow current account deficit and lower consumer price inflation.
The UK current-account deficit has widened in the third quarter as Britain posted its worst trade performance in almost three years.
The current-account deficit has widened as exports in mining and factory produce fell due to weaker international demand and a stronger rand.
South Africa’s current account deficit is expected to average 3.9% over the next three years, down from an average of 5.2% between 2013 and 2015, said National Treasury.
The UK current-account deficit has widened more than economists forecast in the second quarter, raising fresh questions about the sustainability of the shortfall as Britain prepares for Brexit.
Foreign investors’ holdings of South African bonds have dropped to the lowest level in more than a year following a record sell-off since the beginning of May.
The rand lost almost 1% against the US dollar after South Africa's current account deficit came in worse than expected and a lot worse that the previous quarter's print.
Although the latest data shows the current account deficit widened, the balance is still an improvement from previous figures.
An improved inflationary outlook and the narrowing of the current account deficit helped the rand and markets to remain resilient despite turbulent events, says an economist.
As inflation eased to 6.3% in February 2017, analysts expect that it may signal a rate cut before year-end.
Improved dividend receipts, higher commodity prices and improved demand for domestic goods helped reduce the current account deficit, says the Reserve Bank.
The rand’s recovery in the third quarter is still below the 15-year average, according to the research by the Reserve Bank.
Exports dropped by more than 25%, resulting in an international trade deficit of R44bn for the third quarter of the year.
The UK current-account deficit has widened as the trade gap hit a two-and-a-half-year high and Britain continued to record heavy outflows of investment income.
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