by 1.3% in the fourth quarter, with statistics agency data showing intense rolling blackouts and declines in mining activity and exports curtailing output growth. Eskom subjected the country to power cut on all but three days during the quarter, while disruptions at fellow state-owned company Transnet's aging rail network and ports affected shipments of key commodities.
The impact of rolling blackouts and logistics infrastructure shortfalls were partially countered by the first coronavirus-restriction free summer holiday season. The deficit on the services account, under which income from tourism falls, narrowed to R85 billion in the fourth quarter, from R108 billion in the previous three-month period. December is traditionally the most popular holiday month in South Africa.
The central bank’s quarterly projection model in January shows it expects a current-account gap of 1.7% of GDP in 2023.
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