The South African Reserve Bank said its composite leading business cycle indicator increased by 0.1% m/m in February 2013, moving higher for the eighth month in a row. The indicator, which gathers data such as vehicle sales, job advertisements, business confidence, manufacturing orders and money supply to estimate the economic outlook, was by 1% higher y/y in February, following a 1.9% y/y growth in January. Leading indicators are a popular way to predict turning points in the business cycle.
The central bank said that 4 of the indicator’s 11 components improved in February, with the largest positive contributions coming from an increase in the number of residential building plans approved and from an improvement in the business confidence index.
Among the 7 components that decreased, the largest negative contribution came from a decrease in the 12-month percentage change in job advertisement space, followed by a deceleration in the 12-month percentage change in the number of new passenger cars sold.
Related Articles
Nigerian fintech Fincra secures Tanzanian licence, its third in East Africa
Lagos-based fintech startup Fincra has secured approval from the Bank of Tanzania to operate as a licensed payment service provider in the country. The licence allows Fincra to offer its suite of ... more
Nigeria’s CNG drive attracts $500mn investment, creates over 10,000 jobs
Nigeria’s compressed natural gas (CNG) sector has attracted more than $500mn in investment and created over 10,000 direct jobs in under one year, News.ng has reported. The growth in jobs ... more
South African developer Mulilo wins large battery energy storage contracts in Free State worth $391mn
Mulilo Energy, a green energy company chaired by Jan Oberholzer, a former chief operating officer (COO) of South Africa’s state-run power utility Eskom, has been selected as the preferred bidder ... more