South Africa’s current account deficit narrowed significantly in Q3 2023, dropping to an annualized 0.3% of GDP, or 19.3 bln rand, due to lower import volumes from weaker demand and logistics challenges. The central bank reported this alongside a 0.2% economic contraction in the same quarter, attributed to logistical inefficiencies and frequent power outages. Import difficulties were exacerbated by severe backlogs at the ports.