Spain PMI


Spain: Manufacturing PMI improves in January

February 2, 2015

The Markit Spain Manufacturing Purchasing Managers’ Index (PMI) rose from 53.8 in December to 54.7 in January. As a result, the index is resting further above the 50-threshold that separates expansion from contraction in the manufacturing sector.

According to Markit, the increase mostly reflected that output and new orders expanded at faster rates, while employment hit an over seven-and-a-half year high. Input costs declined at the fastest pace in over five years on the back of low oil prices. Markit analysts stated that, “[t]he Spanish manufacturing sector began the new year as it ended the previous one, with solid growth of production and new business amid reports of improving economic conditions. Particularly welcome was a further acceleration in the rate of job creation.”

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 Chart

Spain PMI Manufacturing January 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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