Economic activity strengthens for fifth month, but risks remain - the PayInc Economic Index

The PayInc Economic Index, which tracks electronic transactions processed by PayInc, improved for the fifth consecutive month in September 2025 reflecting the resilience of the South African economy and agility of its businesses.

- PHILIPPA LARKIN

While several positive factors are helping to sustain demand, the low growth rate indicates the economy is operating mostly in survival mode.

“The PayInc Economic Index continued its upward trend since April, reaching a revised level of 102.3 in September 2025. This is 0.2% up on August's level and 3% higher than a year ago,’ said Shergeran Naidoo, the head of stakeholder engagements at PayInc.The resilience in economic activity, evident in the PayInc data, serves as a reminder of the complexity of the South African economy.