La sagrada familia in Spain

Spain PMI May 2024

Spain: Services PMI rises in May

The HCOB Spain Services Purchasing Managers’ Index (PMI) rose to 56.9 in May from 56.2 in April. As a result, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in services-sector business activity compared to the previous month.

May’s upturn was primarily driven by a stronger increase in new business, marking the sixth successive month of new work growth. Against this backdrop, business activity rose at the steepest rate in over a year. This prompted service providers to continue expanding their workforce, albeit at the softest pace since February.

On the price front, input cost inflation accelerated to a three-month high. That said, the rate of inflation in output prices eased for the third consecutive month to its lowest level since last November. Lastly, business sentiment improved, matching February’s two-year high, driven by expectations of continued positive trends in activity and sales amid broader hopes for a more stable economic and financial environment, with some firms anticipating interest rate cuts to stimulate market demand and activity.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest