South Africa’s negative net international investment position increased from R309 billion at the end of September 2014 to R438 billion at the end of December. The increase in the country’s negative net international investment position over this period occurred as a result of a faster increase in the country’s foreign liabilities compared to a more muted increase in foreign assets. The persistent current account deficit resulted in a gradual accumulation of liabilities throughout 2014. At the end of December 2013 the country’s negative net international investment position amounted to R154 billion; this net position therefore almost tripled during the course of 2014, but remains well contained relative to the country’s gross domestic product and gross external assets and liabilities.