The IHS Markit Spain Services PMI declined to 60.1 in August 2021 from 61.9 in July, missing market expectations of 61.5. New business growth rose slightly faster than in July amid stronger customer demand as the pandemic receded further, as well as an improvement in international demand, with new export sales hitting an over 6-year high. Backlogs of work rose for a fifth successive month, with the rate of growth easing from July’s 21-1/2-year high. Employment rose for a fifth month in a row, partially helped by the return of employees from furlough in the Hotels & Restaurant sector. On the price front, the rate of input cost inflation was again considerable although easing for the second straight month, contrasting with a much more moderate rate of selling price inflation. Lastly, the 12-month business outlook remained well above the series average, on hopes that the impact from the pandemic in the economy will continue to decrease, largely due to the vaccination drive. source: Markit Economics
Services PMI in Spain averaged 51.29 points from 2011 until 2021, 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 September of 2021.
Services PMI in Spain is expected to be 58.50 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 55.00 points in 2022 and 54.40 points in 2023, according to our econometric models.