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

In November 2025, South Africa's composite leading business cycle indicator saw a significant rise of 1.4% compared to the previous month, which experienced a modest increase of 0.4%. This marks the second month in a row of upward movement, with growth noted in eight out of the ten components. The most substantial contributors to this uptick were the accelerated six-month smoothed growth rates of the real M1 money supply and job advertisement space. Conversely, factors detracting from growth included a reduced interest rate spread and a slower six-month smoothed growth rate in new passenger vehicle sales. In tandem, the composite coincident indicator increased by 0.3% in October, up from a 0.1% rise in the preceding month, largely driven by boosts in the industrial production index and in the real value of wholesale, retail, and motor trade sales. On the other hand, the lagging indicator dipped by 0.4% during the same period.