La sagrada familia in Spain

Spain PMI June 2024

Spain: Services PMI ticks down in June

The HCOB Spain Services Purchasing Managers’ Index (PMI) edged down to 56.8 in June from 56.9 in May. As a result, the index remained above the 50.0 no-change threshold but signaled a softer improvement in services-sector business activity compared to the previous month.

June’s downtick was driven by a slight slowdown in market demand growth. That said, it remained positive, driving concurrent rises in activity and sales. This spurred firms to expand their staffing levels.

On the financial side, both input cost and output charge inflation declined marginally but remained historically elevated. Lastly, business confidence fell to a five-month low but remained positive, with firms optimistic about future macroeconomic improvements, including lower interest rates and reduced inflation, alongside a more stable political environment.

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