The IHS Markit Spain Services PMI rose to 48.1 in March of 2021 from 43.1 in the previous month and above market expectations of 46. The latest reading pointed to the slowest rate of contraction in the current eight-month sequence of declines. Although sales overall declined, mainly due to a drop in foreign business, especially in tourism and hospitality services, the overall pace of contraction was modest, and the weakest recorded by the survey since last July. Firms nonetheless continued to cut their staffing levels, extending the current period of job shedding to over a year – although the pace of contraction was comfortably the weakest in the current sequence. Margins also remained under pressure, with firms reporting another noticeable increase in operating expenses, but a slight drop in output charges. Finally, confidence about the future remained positive during March, and was little changed on February’s near three-year high. source: Markit Economics
Services PMI in Spain averaged 50.94 points from 2011 until 2021, 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 April of 2021.
Services PMI in Spain is expected to be 53.70 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 54.00 in 12 months time. In the long-term, the Spain Services PMI is projected to trend around 55.00 points in 2022 and 54.40 points in 2023, according to our econometric models.