Spain PMI November 2022


Spain: Composite PMI increases in November

December 7, 2022

The S&P Global Composite Purchasing Managers’ (PMI) rose to 49.6 in November from October’s 48.0. However, the index remained entrenched below the 50-threshold, signaling another contraction in business activity over the previous month.

The S&P Global Manufacturing PMI ticked up to 45.7 in November from 44.7 in October. Both output and new orders contracted at softer, albeit still-sharp paces due to shrinking demand and high inflation, while employment also fell at a less pronounced pace. Meanwhile, confidence remained considerably downbeat due to heightened global economic uncertainty and poor demand prospects. On the price front, both input and output prices increased at a softer pace than in October.

The S&P Global Services PMI rose to 51.2 in November from 49.7 in October. New orders increased during the month, as did activity. Moreover, jobs were added. On the price front, input cost inflation remained elevated, fueled by rising wages and energy costs, with output inflation accelerating in response. Lastly, business confidence rose thanks to expectations of higher sales but remained subdued nonetheless, weighed down by considerable uncertainty over future growth.

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

“After a sharp slowdown in Spanish economic growth in the third quarter, these figures confirm our belief that the Spanish economy will contract in the fourth quarter. […] The negative impact of inflation remains in place both for consumers and businesses and we suspect that the government measures will not be enough to prevent a GDP contraction in the fourth quarter of this year.”

FocusEconomics Consensus Forecast panelists project that GDP will expand 1.1% in 2023, which is down 0.3 percentage points from last month’s forecast, and 2.1% in 2024.

Author: Massimo Bassetti, Senior Economist

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Spain PMI Chart

Spain PMI November 2022

Note: S&P Global Spain Purchasing Managers’ Index Manufacturing, Services and Composite Index. A reading above 50 indicates an expansion in business activity, while a value below 50 points to a contraction.
Source: S&P Global.

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