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Spain PMI April 2023

Spain: Composite PMI declines in April

The S&P Global Composite Purchasing Managers’ Index (PMI) fell to 56.3 in April from March’s 58.2, which had marked the strongest expansion since November 2021. Consequently, the index remained above the 50-threshold, signaling an improvement in business activity from the previous month.

The HCOB Manufacturing PMI fell to 49.0 in April from 51.3 in March. Output expanded at a softer pace while new orders contracted. Likewise, stocks and purchasing activity were reduced amid shrinking demand. On the price front, input costs dropped for the second consecutive month, while output prices fell for the first time since November 2020.

The S&P Global Services PMI fell to 57.9 in April from 59.4 in March. Faster increases in input and output prices were behind the decline. Meanwhile, new orders and activity continued to grow robustly. Moreover, jobs were added at a the joint-fastest pace since February 2001. Lastly, business confidence strengthened amid hopes of a continued recovery in demand.

Commenting on the outlook, Wouter Thierie, economist at ING, stated:

“After a stronger-than-expected first quarter, we have revised up our growth forecast for this year from 1.5% to 1.7%. However, we remain concerned about the prospect of growth softening in the second half of the year. Apart from tourism, there are few reasons to be optimistic.”

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