The IHS Markit Spain Services PMI rose to 51.9 in July 2020 from 50.2 in the previous month but slightly below market expectations of 52. The reading pointed to the second consecutive expansion in the services sector and the sharpest since February, as businesses continued to restart operations following lockdowns due to the coronavirus pandemic. Output rose modestly while new orders fell back into contraction territory albeit marginally. Job losses were also recorded despite reports of some staff being brought back from furlough. On the price front, input cost inflation slowed while output charges continued to drop. Lastly, sentiment remained positive, still well below its historical trend with many firms signalling considerable uncertainties about the future and worries over a ‘second wave’ and its impact.
Services PMI in Spain averaged 51.44 points from 2011 until 2020, reaching an all time high of 60.30 points in April of 2015 and a record low of 7.10 points in April of 2020. This page provides the latest reported value for - Spain Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Spain Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Markit Economics
Services PMI in Spain is expected to be 43.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Spain to stand at 53.70 in 12 months time. In the long-term, the Spain Services PMI is projected to trend around 52.90 points in 2021 and 54.40 points in 2022, according to our econometric models.