The composite leading business cycle indicator in South Africa decreased by 1.3% month-over-month in May 2025, following an upwardly revised 0.6% fall in the previous month. This marked the second consecutive monthly decline, reflecting downturns in nine of the ten available component time series. The largest negative contributors were decreases in the number of residential building plans approved and the volume of domestic orders received in the manufacturing sector. The only positive contribution came from an increase in South Africa’s US dollar–denominated export commodity price index.