Spain PMI


Spain: Economic conditions strengthen in July

August 5, 2015

The Markit Purchasing Managers’ Index (PMI) Composite Output Index rose from 55.8 in June to 58.3 in July. As a result, the index remains far above the 50-threshold that separates expansion from contraction in business conditions.

The Markit Spain Services PMI rose to a three-month high in July and remains firmly entrenched in expansionary territory. New orders and business activity rose at a sharper rate in July. In addition, the pace of job creation picked up pace and recorded the largest increase since July 2007. Markit analysts added that, “the Spanish service sector started the third quarter of the year as it ended the second, with strong growth of business activity and quickening job creation. […] We […] expect to see further reductions in the unemployment rate in coming months, with this hopefully feeding through into improving demand.”

The Markit Spain Manufacturing PMI fell slightly in July, edging down from June’s result on the back of slower growth in output and new orders. However, employment increased at the fastest pace since January 2007 and stocks of purchases rose at a pace not seen since before the economic crisis. Regarding prices, cost inflation eased in July to the lowest rate since March.

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 July 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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