Spain Services PMI2021 Data | 2022 Forecast | 2011-2020 Historical | Calendar

The IHS Markit Spain Services PMI fell to 56.9 in September of 2021 from 60.1 in August, missing market estimates of 58. The latest reading pointed to a sixth straight month of robust growth in the services sector, but the weakest since April. Activity and sales continued to rise but the rates of growth slowed, due to ongoing logistics constraints and inflationary pressures. As a result, employment expanded less and backlogs of work rose further. On the price front, input costs rose to the greatest degree recorded by the survey since July 2008, whilst output charges were raised markedly. Lastly, confidence about the future remained positive during September, amid the ongoing success of the vaccination programme and recent growth, along with new product launches and commercial ventures.

The IHS Markit Spain Services PMI declined to 60.1 in August 2021 from 61.9 in July, missing market expectations of 61.5. New business growth rose slightly faster than in July amid stronger customer demand as the pandemic receded further, as well as an improvement in international demand, with new export sales hitting an over 6-year high. Backlogs of work rose for a fifth successive month, with the rate of growth easing from July’s 21-1/2-year high. Employment rose for a fifth month in a row, partially helped by the return of employees from furlough in the Hotels & Restaurant sector. On the price front, the rate of input cost inflation was again considerable although easing for the second straight month, contrasting with a much more moderate rate of selling price inflation. Lastly, the 12-month business outlook remained well above the series average, on hopes that the impact from the pandemic in the economy will continue to decrease, largely due to the vaccination drive.

The IHS Markit Spain Services PMI fell to 61.9 in July 2021 from 62.5 in June, which was the best in over 21 years. Still, growth remains extremely elevated and comfortably above the survey average. New export sales continued to rise at a solid pace, although there were some reports that increased infection numbers due to the emergence of the delta variant of COVID-19 had weighed on foreign demand with the cancellation of some orders reported. Backlogs of work rose for a fourth successive month, with the rate of growth accelerating to the fastest since February 2000. Employment rose for a fourth month in a row, with not only higher sales, but the reopening of facilities and the return from furlough of staff also underpinning hiring activity. On the price front, the rate of inflation was again considerable although easing since June’s recent high. Finally, confidence about the future eased to a four-month low amid some concern over the recent rise in COVID-19 infection numbers.

The IHS Markit Spain Services PMI rose to 62.5 in June 2021, up from 59.4 in the previous month and above market expectations of 60.6. The latest reading signaled the strongest growth of the sector since March 2000, due to the continued easing of COVID-19 restrictions and the reopening of facilities previously shuttered due to the pandemic. New work rose the most since June 2000, although demand sources were primarily domestic based, while levels of work outstanding increased to the sharpest degree since July 2007. In addition, the pace of job creation was the fastest in over three years. On the price front, input costs rose the most since July 2008 and output charges increased at the fastest rate since February 2000. Finally, confidence about the future was also the joint-highest since February 2004.