PRETORIA (Reuters) - South Africa's current account deficit held steady in the third quarter of 2012, beating market expectations, as lower-than-expected dividend payments to offshore investors countered an expanding shortfall on the trade account.
In its latest Quarterly Bulletin, the central bank said on Thursday the current account gap was unchanged at 6.4 percent of gross domestic product, but had widened to 202.5 billion rand from 200 billion rand.
The bank said inflows "more than fully covered the shortfall".
South Africa has attracted record inflows into the bond market this year after inclusion into a prominent government bond index that helped drive yields to record lows.
South Africa's exports were hit by three months of labour strikes in the mining sector, which hit exports and more than halved economic growth in the third quarter.
Gross spending slowed in the quarter to 3 percent from 4.9 percent in the second quarter mainly because of a slower accumulation of inventory by companies who had to draw down inventories to meet demand as strikes disrupted production.
Slow growth in household spending also contributed.
Household debt-to-income steadied at 76 percent partly because of low interest rates and rising incomes.
The bank noted the increase in unsecured lending to households.
"While the general loans and advances component extended to households constitutes only a moderate proportion of total credit extension it continued to record high rates of increase," it said.
The Reserve Bank reduced the repo rate to four-decade low of 5 percent in July but has kept rates on hold in its two subsequent meetings as inflation risks have risen.
Source: http://news.yahoo.com/africa-q3-current-account-gap-steady-6-4-081141329--business.html
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