Spain PMI March 2016


Spain: Composite PMI improves in March

April 5, 2016

The Markit Purchasing Managers’ Index (PMI) Composite Output Index increased to 55.1 in March from 54.5 in February, which had marked the lowest reading since December 2014. As a result, the index still lies above the 50-threshold that separates expansion from contraction in business conditions.

The Markit Spain Services PMI increased from 54.1 in February to 55.3 in March, which marked the highest reading in four months. As a consequence, the index still lies in expansionary territory. Markit analysts commented that, “the pick-up in service sector growth in March is something of a relief following a slowdown in previous months, and suggests that the Spanish economy was able to maintain forward momentum during the first quarter of the year. Elsewhere, while output prices were raised for the first time in five months, there is still little evidence of any meaningful inflationary pressure returning to the sector.”

Meanwhile, the Markit Spain Manufacturing PMI dropped, falling from February’s 54.1 to 53.4. Despite the fall, the index still lies above the 50-threshold that separates expansion from contraction in the manufacturing sector. According to Markit, the result came on the back of weaker growth in both output and new orders. However, job creation remained solid in March.

FocusEconomics Consensus Forecast panelists expect GDP to expand 2.7% in 2016, which is unchanged from last month’s forecast. In 2017, panelists expect the economy to increase 2.3%.

Author:, Senior Economist

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Spain PMI Chart

Spain PMI Manufacturing March 2016

Note: Markit Spain Purchasing Managers’ Index Manufacturing 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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