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Financial News: South African Leading Index Falls In March

South African Leading Index Falls In March

05/21/2024 - 04:42:00 (RTTNews)

(RTTNews) - South Africa's composite leading index decreased in March to the lowest level in seven months, survey data from the South African Reserve Bank showed on Tuesday.

The composite leading index dropped 1.9 percent month-on-month to 110.4 in March from 112.5 in February.

Further, this was the lowest score since August 2023, when it was also the same 110.4.

Compared to a year ago, the index declined 1.3 percent, versus a fall of 1.1 percent in February.

In March, five out of seven of the component time series decreased, while the remaining two improved, the survey said.

The largest negative contributors were a decrease in the number of residential building plans approved and a deceleration in the six-month smoothed growth rate of the number of new passenger vehicles sold.

Data showed that the coincident index rose slightly to 93.4 in February from 93.0 a month ago.

Meanwhile, the lagging indicator fell to 107.9 in February from 108.7 in the previous month.

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