Spain PMI

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Spain: Economic conditions improve in March

April 8, 2015

The Markit Purchasing Managers’ Index (PMI) Composite Output Index rose from 56.0 in February to 56.9 in March. As a result, the index is resting farther above the 50-threshold that separates expansion from contraction in business conditions.

The Markit Spain Services PMI rose to a seven-month high in March, as both business activity and new business rose at sharper rates. In addition, employment increased at the fastest pace since November 2007. The financial intermediation, and transport and storage sectors were March’s best performers. Markit analysts added that, “[t]he highlight from the latest Spanish Services PMI is the sharpest monthly expansion in new business for almost 15 years as improving economic conditions encourage customers to commit to spending. The labour market continues to benefit from higher workloads, with staff taken on at a pace not seen since prior to the economic crisis.”

The Markit Spain Manufacturing PMI remained firmly entrenched in positive territory in March, edging up slightly from February’s result. The print mostly reflected that output and new orders continued to expand, while employment growth accelerated to the fastest pace since June 2007. In addition, the recent depreciation of the euro resulted in a rise in exports, while higher costs of imported goods was reported. Markit analysts stated that, “data have shown consistently solid growth for a period of time, and March continued this trend. The highlight from the latest survey was the strongest rise in employment since mid-2007, as the labour market continues to recover.”

The Central Bank expects the economy to grow 2.8% in 2015 and 2.7% in 2016. FocusEconomics Consensus Forecast panelists expect GDP to expand 2.3% in 2015, which is up 0.2 percentage points from last month’s forecast. In 2016, panelists also expect the economy to increase 2.3%.


Author: Angela Bouzanis, Senior Economist

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Spain PMI Chart


Spain PMI March 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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