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Spain PMI March 2024

Spain: Spain services PMI shows accelerated growth in March

The HCOB Spain Services Purchasing Managers’ Index (PMI) rose to 56.1 in March from 54.7 in February. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in services sector operating conditions compared to the previous month.

The key drivers behind the latest PMI reading include a marked and accelerated increase in new business volumes, which has stretched capacity and led firms to hire additional staff.

On the pricing front, average operating expenses saw a sharp increase in March. Firms have attempted to pass these increased costs onto clients, leading to a continued rise in output charges and extending the inflationary trend to three years. Business sentiment remained positive, albeit slightly lower than February’s two-year high, buoyed by expectations of sustained sales growth and an improving economic environment.

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