The IHS Markit Spain Services PMI fell to 47.7 in August of 2020 from 51.9 in the previous month and below market expectations of 48. The reading represented a return to falling activity following two months of growth, amid reports that fresh outbreaks of the global coronavirus disease 2019 pandemic was depressing tourist activity and leading to ongoing uncertainty. New orders declined for a second successive survey period and at the fastest rate since May; backlogs of work declined for a sixth successive month, and job losses were again recorded. On the price front, input costs increased for third month, although the latest rise in costs was the weakest in this sequence; while output prices dropped markedly and extended the current period of falling prices to six months. Confidence about the future softened to a three-month low as an increasing number of firms signalled worries about the trajectory of the COVID-19 pandemic and its impact on economic activity.
Services PMI in Spain averaged 51.40 points from 2011 until 2020, 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 September of 2020. source: Markit Economics
Services PMI in Spain is expected to be 46.20 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 53.70 in 12 months time. In the long-term, the Spain Services PMI is projected to trend around 52.90 points in 2021 and 54.40 points in 2022, according to our econometric models.