The South African Reserve Bank (SARB) has been identifying reference turning points in the South African business cycle since the end of World War II. These upper (peaks) and lower (troughs) turning points were discussed in various articles and notes published in earlier editions of the Quarterly Bulletin (QB), and are published in the statistical tables section of every QB,2 with the latest trough identified as April 2020 (Venter and Wolhuter, 2023). This article discusses business cycle developments in South Africa since the April 2020 reference trough, which coincided with the outbreak of the coronavirus disease 2019 (COVID-19) pandemic, and identifies the subsequent reference peak in the business cycle.