The HCOB Spain Composite PMI fell to 48.7 in April 2026 from 52.4 in March, signalling the first contraction in the country's private sector since November 2023. The downturn was driven by the services sector, while manufacturing output continued to expand solidly. New orders declined as demand softened amid widespread uncertainty linked to the conflict in the Middle East, alongside growing concerns about inflationary pressures. Latest data showed historically sharp increases in both input and output prices. On the other hand, employment increased solidly, while confidence in the outlook was broadly unchanged. source: S&P Global

Composite PMI in Spain decreased to 48.70 points in April from 52.40 points in March of 2026. Composite PMI in Spain averaged 51.94 points from 2018 until 2026, reaching an all time high of 62.40 points in June of 2021 and a record low of 9.20 points in April of 2020. This page provides - Spain Composite PMI- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Composite PMI in Spain decreased to 48.70 points in April from 52.40 points in March of 2026. Composite PMI in Spain is expected to be 54.40 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Composite PMI is projected to trend around 53.00 points in 2027 and 52.90 points in 2028, according to our econometric models.



Related Last Previous Unit Reference
Bankruptcies 2544.00 3897.00 Companies Feb 2026
Business Confidence -5.00 -4.30 points Apr 2026
Capacity Utilization 80.10 79.80 percent Mar 2026
Car Production 1708.00 1480.00 Hundred Units Feb 2026
Car Registrations 130340.00 97082.00 Units Mar 2026
Cement Production 1697.96 1405.64 Thousands of Tonnes Mar 2026
Changes in Inventories 2433.00 2540.00 EUR Million Dec 2025
Composite Leading Indicator 101.37 101.27 points Mar 2026
Corruption Index 55.00 56.00 Points Dec 2025
Corruption Rank 49.00 46.00 Dec 2025
Electricity Price 86.90 0.44 EUR/MWh May 2026
Electricity Production 22195.83 25914.35 Gigawatt-hour Feb 2026
Industrial Production YoY -1.10 -0.20 percent Feb 2026
Industrial Production Mom -0.10 -0.70 percent Feb 2026
Manufacturing Production -1.20 -1.60 percent Feb 2026
Mining Production -8.30 -4.30 percent Feb 2026
Natural Gas Stocks Capacity 35.83 35.83 TWh May 2026
Natural Gas Stocks Injection 91.33 97.35 GWh/d May 2026
Natural Gas Stocks Inventory 23.46 23.37 TWh May 2026
Natural Gas Stocks Withdrawal 0.00 0.00 GWh/d May 2026
New Orders -7.30 -8.80 points Jan 2026
New Passenger Car Registrations YoY 11.70 7.50 percent Mar 2026
New Car Sales YoY 106862.00 130340.00 Units Apr 2026


Spain Composite PMI
The Composite Output Index is a weighted average of the Manufacturing Output Index and the Services Business Activity Index. The weights reflect the relative size of the manufacturing and service sectors according to official GDP data. The Composite Output Index may be referred to as the ‘Composite PMI’ but is not comparable with the headline manufacturing PMI figure. This is only a limited sample of PMI headline data displayed on the Customer’s service, under licence from S&P Global. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

News Stream
Spain Private Sector Shrinks for 1st Time in Nearly 2-1/2-Years
The HCOB Spain Composite PMI fell to 48.7 in April 2026 from 52.4 in March, signalling the first contraction in the country's private sector since November 2023. The downturn was driven by the services sector, while manufacturing output continued to expand solidly. New orders declined as demand softened amid widespread uncertainty linked to the conflict in the Middle East, alongside growing concerns about inflationary pressures. Latest data showed historically sharp increases in both input and output prices. On the other hand, employment increased solidly, while confidence in the outlook was broadly unchanged.
2026-05-06
Spain Composite PMI Rises in March
The S&P Global Spain Composite PMI rose to 52.4 in March 2026 from 51.5 in February, signaling continued expansion in private sector activity. Growth was driven mainly by the services sector, as manufacturing output declined for a second consecutive month. Similar patterns were observed in new orders and employment, with services offsetting weakness in industry. Meanwhile, input cost inflation accelerated sharply, largely due to higher energy and fuel prices linked to the Middle East conflict. As a result, business confidence weakened significantly, falling to its lowest level since late 2022.
2026-04-07
Spain’s Private Sector Growth Slows to Nine-Month Low
The HCOB Spain Composite PMI fell to 51.5 in February 2026 from 52.9 in January, signaling the slowest expansion in Spain’s private sector since May 2025. The slowdown was driven by weaker momentum in the services sector and a renewed contraction in manufacturing output. Similar patterns emerged in both new orders and employment, with growth moderating across services and declining in manufacturing. Meanwhile, inflationary pressures intensified. Firms reported faster increases in both input costs and output prices, pointing to a pickup in private sector inflation. Business confidence also weakened, with expectations for future activity slipping to a six-month low.
2026-03-04