By Cees Bruggemans, Chief Economist FNB

Evidence continues mounting that our economy has turned the corner in tandem with most overseas countries, if at a slower speed.

Our stock market has marched closely in lockstep with global markets, reaching its cyclical low last November, and revisiting this level last March, after which a 40% rise followed (less vigorous than elsewhere).

Our non-gold mining output reached its cyclical low in January 2009, electricity output bottomed in February, manufacturing output did so in April, all thereafter in a rising trend.

Nominal house prices appear to be rising from July and passenger car sales (per trading day) seem to be rising from August. Our exports as denominated in Dollars bottomed in January, thereafter also rising.

So recovery has been with us for some time, even if opinion surveys and other leading indicators took their time confirming this.

The SARB leading indicator reached