Spain Services Sector Growth Beats Forecasts

2026-01-06 08:35 By Joana Ferreira 1 min. read

The HCOB Spain Services PMI climbed to 57.1 in December 2025, up from 55.6 in November and well above market expectations of 54.5.

The reading signals the fastest expansion in services activity since December 2024, extending the sector’s growth streak to 28 consecutive months and remaining firmly above its long-term trend.

Growth was underpinned by stronger inflows of new business and commercial work, reflecting improving underlying demand.

Export sales also increased, supported by rising orders from key European markets.

At the same time, backlogs of work fell for the first time in six months, while employment grew at an accelerated pace as firms responded to higher activity levels.

On the price front, inflation reached a three-month high, driven by higher supplier charges and increased energy costs.

Companies passed on part of these pressures, leading to a solid rise in selling prices.

Finally, business confidence strengthened notably, reaching its highest level since March 2025.



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Spain Services Sector Growth Beats Forecasts
The HCOB Spain Services PMI climbed to 57.1 in December 2025, up from 55.6 in November and well above market expectations of 54.5. The reading signals the fastest expansion in services activity since December 2024, extending the sector’s growth streak to 28 consecutive months and remaining firmly above its long-term trend. Growth was underpinned by stronger inflows of new business and commercial work, reflecting improving underlying demand. Export sales also increased, supported by rising orders from key European markets. At the same time, backlogs of work fell for the first time in six months, while employment grew at an accelerated pace as firms responded to higher activity levels. On the price front, inflation reached a three-month high, driven by higher supplier charges and increased energy costs. Companies passed on part of these pressures, leading to a solid rise in selling prices. Finally, business confidence strengthened notably, reaching its highest level since March 2025.
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