FX.co ★ South Africa Leading Index Rebounds in January

In January 2025, South Africa's composite leading business cycle indicator showed a monthly increase of 0.9%, recovering from a revised 1.5% decline in December. This upswing was attributed to gains in four out of the ten available component time series, surpassing declines observed in five components, while one remained constant. Notably, the most substantial positive influences came from a faster six-month smoothed growth rate in sales of new passenger vehicles and a rise in the approval of residential building plans. Conversely, the most significant negative influences were a decrease in the average hours worked per factory worker within the manufacturing sector and a slowdown in the six-month smoothed growth rate of job advertisement space.