The SA Reserve Bank’s composite leading business cycle indicator increased 2.7% month on month in June, rising for the first time since March.
The increase in the June print was largely supported by an improvement in the number of residential building plans approved and new passenger vehicles sold, data from Bank showed on Tuesday.
Seven of the nine components increased in June.
The leading indicator shows a projection of SA’s economic growth cycle for the next 6-12 months. The indicator is based on a range of components including the number of approved building plans, job advertisement space, BER’s business confidence index, manufacturing order volumes and passenger vehicles sold.
The indicator decreased 0.7% month on month in May.