Q4 current account deficit widens as strong rand boosts imports

South Africa’s current account deficit widened more than expected to 2.9% of GDP in the fourth quarter due to a smaller trade surplus driven by a rally in the currency late last year, central bank said on Tuesday. The rand has appreciated by about 20% against the dollar since mid-November, in the run-up of the election of Cyril Ramaphosa as leader of ruling African National Congress in December.