Spain Composite PMI Falls in January

The HCOB Spain Composite PMI rose to 53.3 in June 2026 from 50.2 in May, signaling a second straight month of expansion and the strongest growth since December 2025. The services sector carried overall growth, as manufacturing output returned to contraction for the first time in three years. New orders increased overall, as a marked rise in demand for services more than offset a sharp decline in new business received by manufacturers. Meanwhile, inflationary pressures eased during the month, as rates of inflation softened. Looking forward, business confidence improved to its highest level since February.

The HCOB Spain Composite PMI rose to 50.2 in May 2026 from 48.7 in April, pointing to a broad stabilisation in business conditions after a steep downturn in the prior month. Services activity leveled off after contracting in the month before, while output continued to rise, albeit more modestly. New orders were broadly unchanged, while employment continued to grow at a solid pace. Business confidence improved to a three-month high but remained below its long-term average. Input cost inflation accelerated to its strongest level since November 2022, whereas output price inflation eased to a three-month low, although it remained above historical levels.

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.