ThebeMabanga
The South African Reserve Bank’s (SARB) leading indicator was up 4.2% year-on-year in May 2026. The indicator signals business sentiment and activities in the quarter ahead.
The indicator has been rising for the past two years, since April 2024, while the year on year increase for March this year was the highest since October 2021.
The May indicator fell by 0.3% month-on-month after a 2.0% monthly decline in April.
The May indicator showed a mixed bag with half of the sub-indices making a positive contribution and half having a negative impact.
The largest positive contributors were accelerations in the six-month smoothed growth rates in the real M1 money supply and the number of new passenger vehicles sold.
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New vehicle sales rose by 15.3% year on year in June. This followed a 12.8% year on year gain in May.
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