Spain PMI February 2022


Spain: Composite PMI increases in April

May 12, 2022

The S&P Global Composite Purchasing Managers’ Index (PMI) jumped to 55.7 in April from 53.1 in March, reflecting a stronger services sector amid reduced Covid-19 restrictions. Consequently, the index moved further above the 50-threshold, signaling expanding business activity over the previous month.

The S&P Global Services PMI surged to 57.1 in April from 53.4 in March, signaling faster increases in activity and new business. Moreover, firms hired additional staff at a solid pace. On the price front, input costs soared at the second-fastest pace on record. In response, companies hiked output prices at the second-fastest pace in nearly 23 years of data collection. Lastly, confidence strengthened.

Meanwhile, the S&P Global Manufacturing PMI fell to 53.3 in April from 54.2 in March. Strikes in the transportation sector led to a near-stagnation in production and a sharper fall in orders, while the ongoing war in Ukraine fed inflation. Moreover, the pace of job addition slowed to the weakest level in 14 months. On the price front, input prices soared, while the rise in output prices was the fastest on record. Lastly, confidence regarding the future recovered some ground but remained below pre-war levels.

Commenting on the Services PMI, Paul Smith, economics director at S&P Global, stated:

“The longer these high inflation rates continue the more concern there is that growth will eventually be hit at a delicate point in the sector's recovery from the devastating impacts of Covid-19.”

Commenting on the Manufacturing PMI, Smith again noted the importance of inflation:

“Although supply-side pressures showed some signs of easing, these remain severe, leading to another severe round of inflationary pressures. Firms, acutely aware that price and supply side difficulties are not going away anytime soon, subsequently continue to guard against these by further building up their safety stocks.”

FocusEconomics Consensus Forecast panelists project that GDP will expand 5.6% in 2022, which is down 0.3 percentage points from last month’s forecast, and 3.5% in 2023.

Author: Massimo Bassetti, Senior Economist

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