The S&P Global Spain Services PMI went down to 53.8 in July of 2022 from 54 in June, the slowest expansion since March and above market expectations of 52. Growth of new work was registered for a sixth successive month, although the latest increase was modest. Whilst firms indicated that underlying sales remained positive, a slump in new business from abroad, there was some indication that tourism numbers remain lower-than-usual, and growing client hesitancy in committing to new work weighed on growth. Additional staff were again taken on, which enabled companies to broadly keep on top of overall workloads. However, inflation rates remained elevated, despite easing since June, and firms signaled growing concerns about elevated prices and wider economic instability. Confidence about the future slumped to its lowest level for nearly two years. source: Markit Economics
Services PMI in Spain averaged 51.61 points from 2011 until 2022, reaching an all time high of 62.50 points in June of 2021 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 2022.
Services PMI in Spain is expected to be 53.60 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Spain Services PMI is projected to trend around 54.70 points in 2023 and 54.40 points in 2024, according to our econometric models.