La sagrada familia in Spain

Spain PMI July 2023

Spain: Composite PMI declines in June

The HCOB Composite Purchasing Managers’ Index (PMI) fell to 51.7 in July from June’s 52.6. Consequently, the index remained above the 50-threshold, pointing to a continued, but slower, improvement in business activity from the previous month.

The HCOB Manufacturing PMI dropped to 47.8 in July from 48.0 in June. A sharper contraction in output was triggered by another downturn in new orders. Moreover, headcounts were cut again. On the price front, input costs dropped for the fifth consecutive month and at the fastest clip since June 2009, leading output prices to fall at the fastest pace in over three years.

The HCOB Services PMI fell to 52.8 in July from 53.4 in June. Softer increases in activity, new orders and employment were behind the decline in the headline print. Meanwhile, input and output price inflation moderated but remained historically high due to strong wage pressures. Lastly, business confidence weakened to the lowest level since March.

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