South Africa’s leading index decreased in July to the lowest level in sixty-seven months, survey figures from the South African Reserve Bank showed Tuesday.
The composite leading business cycle indicator fell by 1.6 percent month-over-month to 92.8 in July from 94.4 in the previous month. The latest score was the lowest since November 2009, when it marked 92.7.
On an annual basis, the measure declined 3.6 percent in July, following a 2.3 percent drop in the preceding month.
Out of the ten components, only two contributed positively to the index in July, while eight decreased.
The largest negative contribution to the headline index in July came from a decrease in the US dollar based export commodity price index, followed by a decline in the number of residential building plans passed.
At the same time, the coincident index rose to 114.7 in June from 114.0 in May. Meanwhile, the lagging index fell to 104.0 in June from 104.8 in the prior month.
Annually, the coincident index edged up 0.1 percent in June, while the lagging index dropped by 0.5 percent.
The material has been provided by InstaForex Company – www.instaforex.com