FX.co ★ South Africa Leading Index Rebounds in March

In March 2025, South Africa's composite leading business cycle indicator experienced a 1.1% increase compared to the previous month, which had seen a 0.2% decline. This improvement was largely attributed to gains in five out of the seven component time series, effectively offsetting the declines in the other two components. Notably, the primary drivers of this positive shift were a rise in the six-month smoothed growth rate of the real M1 money supply and an upturn in the approval of residential building plans. Conversely, the most significant negative contributors were the slowdown in the six-month smoothed growth rate of new passenger vehicle sales and the composite leading business cycle indicator concerning South Africa's key trading partners.