The South African Reserve Bank reported that South Africa’s composite leading business cycle indicator fell 1.4% in June 2026, its third consecutive monthly decline, to 116.6 from 118.2 in May. The indicator remained 2.1% higher than a year earlier. Five of the seven available components declined, outweighing gains in residential building approvals and job advertisement growth. The main negative contributors were lower US dollar-denominated prices for South Africa’s principal export commodities and slower six-month smoothed growth in real M1 money supply. The composite coincident indicator declined 0.2% in May, reflecting weaker trade sales and industrial production, while the lagging indicator rose 0.9%. The next release is scheduled for Sept. 22, 2026.
2026-08-25South African Reserve Bank
South African Reserve Bank reports third consecutive decline in leading business cycle indicator
The South African Reserve Bank reported a 1.4% decline in the composite leading business cycle indicator in June 2026, its third consecutive monthly fall. Lower export commodity prices and slower real M1 growth were the main negative contributors, while the coincident indicator fell 0.2% and the lagging indicator rose 0.9% in May.