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Spain PMI December 2023

Spain: Composite PMI rises in December

The HCOB Composite Purchasing Managers’ Index (PMI) rose to 50.4 in December from November’s 49.8. Consequently, the index moved marginally above the 50-threshold, pointing to improving business activity from the previous month.

The HCOB Manufacturing PMI fell to 46.2 in December from 46.3 in November. Contractions in output, new orders and employment were behind the downbeat reading. On the price front, input costs dropped for the tenth consecutive month, leading output prices to fall for the ninth consecutive month. Lastly, sentiment strengthened amid hopes of improving demand ahead, although it remained historically downbeat.

The HCOB Services PMI increased to 51.5 in December from 51.0 in November. Activity expanded at a stronger clip amid a rebound in new orders. Menwhile, employment expanded for the 15th consecutive month and at an accelerating pace. On the price front, input price inflation decelerated but remained sustained, while output price inflation accelerated. Lastly, business confidence improved amid hopes of stronger demand ahead despite political and economic uncertainty.

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