South Africa’s composite leading business cycle indicator eased to 0.5% month-on-month in February 2026, from an upwardly revised 0.6% in January. Growth in seven of the ten component series outweighed declines in the remaining three. The largest positive contributions stemmed from an increase in the number of residential building plans approved and a rise in the country’s US dollar–denominated export commodity price index. These gains were partially offset by a drop in the volume of domestic manufacturing orders and a moderation in the six‑month smoothed growth rate of job advertisements.
Over the same period, the composite coincident business cycle indicator rose by 0.3% in January 2026, supported by higher industrial production and an increase in the real value of wholesale, retail, and motor trade sales. In contrast, the composite lagging business cycle indicator declined by 0.3% in January.
