FX.co ★ South Africa Leading Index Drops for 2nd Month

In May 2025, South Africa's composite leading business cycle indicator experienced a 1.3% decline from the previous month. This followed an adjusted 0.6% decrease in April, marking the index's second consecutive monthly drop. This trend was largely due to downturns in nine out of the ten component time series analyzed. The most significant negative influences came from a reduction in the number of approved residential building plans and a decrease in domestic manufacturing orders. Conversely, the sole positive contributor was the rise in South Africa’s export commodity price index, measured in US dollars.