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Spain: Manufacturing PMI eases in February

March 2, 2015

The Markit Spain Manufacturing Purchasing Managers’ Index (PMI) fell from 54.7 in January to 54.2 in February. As a result, the index is resting closer to the 50-threshold that separates expansion from contraction in the manufacturing sector.

According to Markit, despite the slight decrease in the index, both new order growth accelerated and output rose. Input costs fell for the second month in a row on the back of cheaper prices for oil-related goods. Markit analysts stated that, “the February manufacturing PMI data for Spain provide more positive signals as the sector continued to grow at a solid pace. The strength of the expansion in new business was particularly pleasing, with the latest rise the fastest since prior to the economic crisis.”

Both the Central Bank and the government expect the economy to grow 2.0% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to expand 1.8% in 2015, which is unchanged from last month’s forecast. In 2016, panelists expect the economy to increase 2.0%.


Author: Angela Bouzanis, Senior Economist

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Spain PMI Manufacturing February 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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