The composite leading business cycle indicator in South Africa edged down to 0.5% month-over-month in February 2026, from an upwardly revised 0.6% in the previous month. Growth in seven of the ten available component series outweighed declines in the remaining three. The strongest positive contributions came from a rise in the number of residential building plans approved and an increase in the country’s US-dollar denominated export commodity price index. However, these gains were partly offset by a decline in the volume of domestic manufacturing orders and a slowdown in the six-month smoothed growth rate of job advertisements. At the same time, the composite coincident business cycle indicator increased by 0.3% in January 2026, supported by higher industrial production and a rise in the real value of wholesale, retail, and motor trade sales. In contrast, the composite lagging business cycle indicator fell by 0.3% in January.