The South African Reserve Bank published updated composite business cycle indicators for South Africa, showing the composite leading indicator fell by 1.2% in September 2025, while the composite coincident indicator rose by 0.1% in August 2025 and the composite lagging indicator declined by 0.9% in August 2025. The September decline in the leading indicator reflected decreases in four of the seven available component series, led by fewer residential building plans approved and a deceleration in the six-month smoothed growth rate of new passenger vehicle sales. The largest positive contributors were a higher US dollar based export commodity price index and an acceleration in the six-month smoothed growth rate in real M1 money supply. The coincident indicator increase was driven by higher industrial production and an increase in the real value of wholesale, retail and motor trade sales. The release notes that the composite indicators are revised continuously as underlying component series are revised, and lists several leading-indicator components that were unavailable, including selected Bureau for Economic Research manufacturing series, the RMB Bureau for Economic Research Business Confidence Index, and gross operating surplus as a percentage of gross domestic product. The next release is scheduled for 17 December 2025 at 09:00.

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