La sagrada familia in Spain

Spain PMI June 2024

Spain: Manufacturing PMI falls in June

The HCOB Spain Manufacturing Purchasing Managers’ Index (PMI) fell to 52.3 in June from 54.0 in May. As a result, the index remained above the 50.0 no-change threshold but signaled a softer improvement in manufacturing-sector operating conditions compared to the previous month.

June’s decline was primarily due to slower increases in both output and new orders, which were the lowest in three months. Despite positive demand conditions and successful commercial campaigns domestically and internationally, political and economic uncertainties hampered new business gains. The slowest growth in purchasing activity for four months and delays in input delivery, exacerbated by low stocks at suppliers and ongoing shipping delays through the Suez Canal, also contributed to the downturn in the PMI.

In terms of prices, input cost inflation accelerated sharply, marking the highest rate since November 2022, driven by rising shipping costs and increased prices for raw materials. Efforts to pass these increased costs on to clients were largely unsuccessful due to competitive market conditions, leading to no more than a modest rise in output charges for the second consecutive month. Lastly, business confidence dropped to its lowest level of the year, reflecting manufacturers’ concerns over future output and orders amid the prevailing uncertainty.

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