The composite leading indicator for the South African economy dropped in January after remaining unchanged in the previous month, survey data from the South African Reserve Bank showed Tuesday.
The composite leading indicator declined to 92.2 from 92.8 in December. The measure fell 4 percent year-on-year.
The largest negative contributions in January came from a decrease in the number of residential building plans passed, as well as a decrease in the US dollar based export commodity price index, the bank said.
The biggest positive contribution resulted from an acceleration in the six-month smoothed growth rate in the real M1 money supply, followed by an acceleration in the twelve-month percentage change in the number of new passenger vehicles sold.
The coincident indicator held steady at 115.2 in December, but decreased 0.4 percent from a year ago.
The lagging indicator eased to 103.4 in December from 104.9 in November. The index declined 2.1 percent from the same month in the previous year.
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