FX.co ★ South Africa Leading Index Rises In February

The South African Reserve Bank reports that for the first time in three months, South Africa's comprehensive key economic indicator has displayed an improvement. According to the data collected, the comprehensive economic indicator rose by 1.7 percent on a monthly basis to a level of 112.8 in February from its previous level of 110.9 in January.

However, while it might look improved from a monthly perspective, the indicator fell by 0.9 percent compared to its level last year. This decline is less than January's drop of 2.9 percent.

In the month of February, the data showed a positive side as half of the ten component time series showed an upward movement, compensating for the decrease in the remaining five components. The most significant positive contributors were the accelerated growth in job advertisements over six months and an increase in the approval of residential building plans.

The coincident economic indicator, however, showed a slight dip to 92.8 in January from its previous level of 93.0. Along with this, the lagging economic indicator, which trails behind the overall economic activity, also saw an increase to 108.7 in January over 107.3 in the previous month.