Spain PMI


Economic conditions moderate in September

The Markit Purchasing Managers’ Index (PMI) Composite Output Index fell from 58.8 in August to 54.6 in September, thus hitting a nine-month low. As a result, the index is closer to the 50-threshold that separates expansion from contraction in business conditions.

The Markit Spain Services PMI recorded its worst reading so far this year, but remained firmly entrenched in expansionary territory. New business rose at the weakest pace since November 2014 and employment growth eased to a seven-month low. Markit analysts added that, “while we continued to see solid growth in the Spanish service sector in September, there was a marked easing in the rate of expansion to the lowest in 2015 so far. Combined with a growth slowdown in the manufacturing sector, this suggests that the upturn in Spain may have peaked during the third quarter of the year.”

The Markit Spain Manufacturing PMI fell to a 21-month low in September, on the back of a slowdown in new orders growth. In addition, production growth moderated and the pace of job creation eased. Regarding prices, input costs fell for the first time in seven months, largely due to lower costs for oil-related products.

FocusEconomics Consensus Forecast panelists expect GDP to expand 3.1% in 2015, which is up 0.1 percentage points from last month’s forecast. In 2016, panelists also expect the economy to increase 2.7%.

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Spain PMI Chart

Spain PMI September 2015

Note: Markit Spain Purchasing Managers’ Index Composite Output Index. A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction.
Source: Markit.

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