South Africa's trade deficit narrowed in May, easing pressure on an ailing current account and boosting the rand currency, while stubbornly high credit growth slowed slightly. The data was encouraging, analysts said, but may not be enough to stave off another interest rate rise after disappointing inflation numbers.
The South African Revenue Service said the shortfall on the trade account fell to 2.7 billion rand from 5.67 billion in April. Earlier, central bank figures showed annual credit growth eased to a below-forecast 24.84 percent in May from 25.08 percent.