Spain’s Services Growth Remains Robust

2026-11-04 08:28 By Luisa Carvalho 1 min. read

The S&P Global Services PMI eased to 57.2 in October 2026 from 58.3 in September, marking its lowest reading in four months, although it continued to signal robust expansion in the services sector.

New business volumes continued to grow, supported by stronger demand and improved market conditions.

However, the pace of growth slowed to a five-month low, hampered by weaker export demand.

New export business fell for the second month, with the latest decline the steepest since May.

Meanwhile, employment continued to rise in October, with job creation reaching its fastest pace since July.

In terms of prices, input price inflation accelerated to a seven-month high, due to elevated energy, fuel and transport costs plus a general increase in supplier prices.

In turn, output price inflation eased from September’s five-month high, amid competitive pressures.

Looking ahead, confidence in the outlook remained positive overall, with sentiment strengthening to its highest level since February.



News Stream
Spain’s Services Growth Remains Robust
The S&P Global Services PMI eased to 57.2 in October 2026 from 58.3 in September, marking its lowest reading in four months, although it continued to signal robust expansion in the services sector. New business volumes continued to grow, supported by stronger demand and improved market conditions. However, the pace of growth slowed to a five-month low, hampered by weaker export demand. New export business fell for the second month, with the latest decline the steepest since May. Meanwhile, employment continued to rise in October, with job creation reaching its fastest pace since July. In terms of prices, input price inflation accelerated to a seven-month high, due to elevated energy, fuel and transport costs plus a general increase in supplier prices. In turn, output price inflation eased from September’s five-month high, amid competitive pressures. Looking ahead, confidence in the outlook remained positive overall, with sentiment strengthening to its highest level since February.
2026-11-04
Spain Services Activity Surprises on the Upside
The S&P Global Services PMI rose to 58.3 in September 2026, from 57.8 in August, beating expectations of 56.8 and matching July’s peak, the strongest performance since May 2023. Growth was broad-based, led by Consumer Services, Commercial & Professional Services, and Financials & Real Estate. New business increased for a fifth consecutive month, although growth slowed, while exports fell for the first time since May amid concerns over the Middle East war and AI-related spending. Job creation continued and at a marked pace, extending the employment growth streak to four years. Meanwhile, firms faced stronger cost pressures. Input-cost inflation surged to a six-month high, driven by higher energy, fuel, labour and supplier costs. Output-price inflation also accelerated, reaching its strongest level since April. Looking forward, sentiment regarding the outlook softened to a four-month low due to geopolitical uncertainty.
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The S&P Global Services PMI eased to 57.8 in August 2026 from 58.3 in July and missing analysts' forecasts of 59 but remaining firmly in expansionary territory. The reading was the second-highest in nearly three and a half years, pointing to continued solid growth. New business rose for a fourth month on robust domestic demand, while export growth remained modest amid geopolitical uncertainty. Employment continued to rise, though hiring slowed to a four-month low as some firms did not replace leavers. This reflected some reluctance to expand workforces, with firms turning increasingly to technology to boost productivity amid rising labour costs. Input price inflation eased to its lowest since January but remained elevated due to higher energy, fuel and wage costs. Output charges were raised more quickly than in July. Business confidence fell to a three-month low and remained below trend despite hopes for improving geopolitical and macroeconomic conditions.
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