FX.co ★ South Africa Leading Index Rises in June

In June 2025, South Africa's composite leading business cycle indicator experienced a 0.4% month-on-month increase, rebounding from a 1.3% decline observed in May. Positive contributions were noted from three of the seven available components, primarily driven by accelerated growth in the real M1 money supply and an increase in export commodity prices denominated in US dollars. Conversely, the main negative influences stemmed from a reduced interest rate spread and a decline in passenger vehicle sales. Concurrently, the composite coincident indicator rose by 0.5% in May, bolstered by heightened industrial production and improved manufacturing capacity utilization. Additionally, the lagging indicator advanced by 1.0% during the same period.