Spain’s Private Sector Shows Signs of Stabilization

2026-06-03 07:24 By Luisa Carvalho 1 min. read

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.



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Spain’s Private Sector Shows Signs of Stabilization
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.
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