Spain PMI


Spain: Manufacturing PMI rises in May

June 1, 2015

The Markit Spain Manufacturing Purchasing Managers’ Index (PMI) rose in May, increasing from 54.2 in April to 55.8. As a result, the index is further above the 50-threshold that separates expansion from contraction in the manufacturing sector.

According to Markit, larger expansions were recorded in both new orders and in output. Manufacturing new orders increased at the sharpest pace in over eight years in May, and new export orders expanded for the 25 consecutive month. In addition, the pace of job creation increased in May. Markit analysts added that, “the Spanish manufacturing sector is not only sustaining recovery during Q2, but growth seems to be accelerating. Both output and new orders rose at rates not seen since before the economic crisis began in 2007. There was further evidence of inflationary pressures returning to the sector as input costs rose at the sharpest pace in more than two-and-a-half years, in part reflecting recent euro weakness.”

Both the Central Bank and the government expect the economy to grow 2.0% in 2015. FocusEconomics Consensus Forecast panelists expect GDP to expand 2.5% in 2015, which is up 0.2 percentage points from last month’s forecast. In 2016, panelists expect the economy to increase 2.3%.

Author: Angela Bouzanis, Senior Economist

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Spain PMI Chart

Spain PMI Manufacturing May 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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