2023.03.2208:19:00UTC+00South Africa's Leading Index Falls To 2-Year Low

South Africa's composite leading index dropped marginally in January to the lowest level in two years, survey data from the South African Reserve Bank showed on Wednesday.

The composite leading index fell 0.1 percent month-on-month to 120.8 in January from 121.0 in December.

Further, this was the lowest reading since January 2021, when it was 120.3.

Compared to a year ago, the index declined 5.3 percent versus a fall of 4.1 percent in December.

In January, eight out of ten of the component time series decreased, while the other two increased, the survey said.

The largest negative contributors were decreases in the number of residential building plans approved and South Africa's US dollar-denominated export commodity price index.

Data showed that the coincident index improved to 97.0 in December from 96.7 a month ago.

The lagging indicator also increased to 100.1 in December from 97.8 in the previous month.