The HCOB Spain Services PMI fell further to 52.8 in July 2023 from 53.4 in June and well below market expectations of 53.4. The reading pointed to the ninth consecutive period of expansion in industrial activity but the lowest one since January 2023 amid weakened demand. Business activity and new orders continued to rise, albeit at softer paces, with some companies mentioning local and general elections as a hampering factor. Meanwhile, employment growth also slowed due to voluntary redundancies, and the level of backorders stabilized, ending the previous sequence of six-month accumulation. In terms of pricing, although input inflation remained high, it was the least pronounced since April 2021 and output inflation eased to a 20-month low. Lastly, business sentiment worsened but remained moderately optimistic amid hopes for political stability, increased customer traffic and investment in the development of new products. source: Markit Economics

Services PMI in Spain averaged 51.75 points from 2011 until 2023, reaching an all time high of 62.50 points in June of 2021 and a record low of 7.10 points in April of 2020. This page provides the latest reported value for - Spain Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Services PMI in Spain is expected to be 52.90 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Services PMI is projected to trend around 50.20 points in 2024 and 51.30 points in 2025, according to our econometric models.

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Spain Services PMI



Related Last Previous Unit Reference
Services PMI 52.80 53.40 points Jul 2023
Manufacturing PMI 47.80 48.00 points Jul 2023
Composite PMI 51.70 52.60 points Jul 2023

Spain Services PMI
The S&P Global Spain Services PMI (Purchasing Managers' Index) is based on data compiled from a representative panel of over 300 companies based in the Spanish service sector. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
52.80 53.40 62.50 7.10 2011 - 2023 points Monthly

News Stream
Spain Services Sector Growth Slows
The HCOB Spain Services PMI fell further to 52.8 in July 2023 from 53.4 in June and well below market expectations of 53.4. The reading pointed to the ninth consecutive period of expansion in industrial activity but the lowest one since January 2023 amid weakened demand. Business activity and new orders continued to rise, albeit at softer paces, with some companies mentioning local and general elections as a hampering factor. Meanwhile, employment growth also slowed due to voluntary redundancies, and the level of backorders stabilized, ending the previous sequence of six-month accumulation. In terms of pricing, although input inflation remained high, it was the least pronounced since April 2021 and output inflation eased to a 20-month low. Lastly, business sentiment worsened but remained moderately optimistic amid hopes for political stability, increased customer traffic and investment in the development of new products.
2023-08-03
Spain Service Sector Growth Slows to 5-Month Low
The HCOB Spain Services PMI fell further to 53.4 in June 2023 from 56.7 the month before and well below market expectations of 55.5. The latest reading pointed to the eighth consecutive month of solid growth in industrial activity but the slowest since January. Business activity, new orders and employment continued to be supported by a healthy demand environment, although the rates of expansion have slowed down. Some companies have mentioned local and general elections as a factor hampering their activity. Meanwhile, the level of outstanding work rose for the sixth straight month in June, indicating strong capacity pressures. In terms of pricing, rates of input cost and output charge inflation remained historically elevated amid strong wage pressures but continued to ease. Lastly, business sentiment improved, amid hopes for a boost in tourism volumes and a subsequent uplift in demand, as well as upcoming projects and an anticipated improvement in market conditions.
2023-07-05
Spain Service Sector Growth Remains Strong
The HCOB Spain Services PMI dropped to 56.7 in May 2023 from 57.9 the month before, slightly below market expectations of 56.9. Despite the slight dip, the latest data indicated a robust expansion in the service sector, albeit at the slowest pace in three months. The growth in new business moderated from the previous month's 17-month high, although it remained strong overall. Notably, there was sustained growth in new export business for the fifth consecutive month. Moreover, the rate of job creation softened from April's 22-year high, although it still maintained a positive trend. Regarding prices, cost pressures persisted at a significant level in May; however, there were initial indications of improvement. Both the rates of input cost and selling price inflation eased, with the former reaching its lowest level since September 2021.
2023-06-05