South Africa’s composite leading index decreased for the second straight month in April, survey data from the South African Reserve Bank showed on Tuesday.
The composite leading index dropped 1.8 percent month-on-month to 118.9 in April from 121.1 in March.
Eight out of the 10 available component time series weakened, while the remaining two improved. The decline was primarily caused by a deceleration in the six-month smoothed growth rate in the real M1 money supply and a decrease in the number of residential building plans approved.
The coincident indicator remained stable at 94.5 in March as an increase in the real value of wholesale, retail, and motor trade sales was offset by a decrease in the industrial production index.
Meanwhile, the lagging business cyclic indicator improved to 104.8 from 103.9.
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