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Spain: Economic conditions improve further in November

December 3, 2015

The Markit Purchasing Managers’ Index (PMI) Composite Output Index rose from 55.0 in October to 56.2 in November, which marked a three-month high. As a result, the index is now further from the 50-threshold that separates expansion from contraction in business conditions.

The Markit Spain Services PMI in November tallied its highest reading in three months, thus improving from the previous month’s 55.9 to 56.7. Markit analysts added that, “the Spanish service sector looks set for a positive end to the year after rates of expansion in both activity and new business accelerated for the second month running in November. This provides further evidence that the slowdown in growth at the end of Q3 won’t develop into a period of stagnation. Furthermore, more than half of respondents foresee activity rising over the coming year, adding to the generally positive picture.”

Moreover, the Markit Spain Manufacturing PMI rose from 51.3 in October to 53.1 in November, which also marked the best reading in three months. Both output and new orders recorded faster growth rates compared to the previous month. Due to greater output requirements, firms increased their staffing levels and purchasing activity in November, which in turn contributed to an increase in pre-production inventories. Markit analysts pointed out,” this provides some optimism that the sector will be able to remain in growth mode as the year draws to a close. The great unknown, however, remains the looming general election, which has the possibility to result in a period of political instability.”

FocusEconomics Consensus Forecast panelists expect GDP to expand 3.1% in 2015, which is unchanged from last month’s forecast. In 2016, panelists expect the economy to increase 2.7%, which is also unchanged from the previous month’s estimate.


Author: Angela Bouzanis, Senior Economist

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Spain PMI November 2015

Note: Markit Spain Purchasing Managers’ Index Composite Output 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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