FX.co ★ South Africa Leading Index Drops 0.3% MoM

In April 2025, South Africa's composite leading business cycle indicator experienced a 0.3% decline from the previous month, which followed a downwardly revised increase of 0.8% in March. This decline was attributed to reductions in seven of the ten component time series, which overshadowed gains in three components, while one component remained stable. The most significant negative influences were a decrease in the six-month smoothed growth rate of the real M1 money supply and a drop in the volume of domestic manufacturing orders. In contrast, the positive contributors included an uptick in both new passenger vehicle sales and the approval of residential building plans.