The SARB’s composite leading indicator decreased to 112.8 points in December from 114.7 points in November, marking the first decline since September 2024.

More positively, on a year-to-year basis, the indicator still expanded by +1.6% in December. While this growth rate is lower than November’s +2.5% y/y, the indicator still reported growth for a ninth consecutive month.

According to the SARB, five of the six available time series components deteriorated in December. Declines were led by a decrease in the number of passenger vehicles sold and the number of building plans approved.

Only job advertisements (as advertised in the Sunday Times and online on Pnet) reported an improvement in December.