The composite leading business cycle indicator in South Africa dropped by 0.3% month-over-month in April 2025, reversing a downwardly revised 0.8% rise in the previous month. The downturn was driven by decreases in seven of the ten available component time series, which outweighed increases in three components. The largest negative contributors were a decline in the six-month smoothed growth rate in the real M1 money supply and the volume of domestic orders in the manufacturing sector. Meanwhile, the only positive contributors were rises in the number of new passenger vehicles sold and the number of residential building plans approved.