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South Africa posts largest current-account surplus on record

South Africa reported its largest current-account surplus on record last year as import demand was suppressed by the economy recovering from the impact of the coronavirus and the value of gold exports rose to the highest since at least 1960. The balance on the current account, the broadest measure of trade in goods and services, widened to a surplus of 3.7% of gross domestic product, or R227-billion, from a revised 2% in 2020, the South African Reserve Bank said in a report on Thursday. The ratio of the surplus to GDP is the highest since 1987.

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