FX.co ★ South Africa Leading Index at 16-Month High

In August 2025, South Africa's composite leading business cycle indicator experienced a robust 1.6% increase month-on-month, building on a 0.9% rise observed in July. This marks the most significant growth since April 2024. The growth was bolstered by positive contributions from eight out of ten components, with notable influences from the higher number of residential building plans approved and accelerated six-month smooth growth in job advertisement space. However, there were negative impacts due to a decline in the RMB/BER Business Confidence Index and a reduced interest rate spread. Additionally, the composite coincident indicator saw a 0.4% rise in July, primarily fueled by increases in the real value of sales in wholesale, retail, and motor trade sectors. In contrast, the lagging indicator experienced a slight decline of 0.1% during the same period.