The IHS Markit Spain Services PMI declined sharply to 41.7 in January from 48.0 in the previous month and below market expectations of 45.3. The latest reading pointed to the sixth successive contraction in the services sector and to a considerable degree, as local restrictions related to coronavirus pandemic and inclement weather conditions served to restrict activity. Demand from both home and abroad was again down, and a lack of new work meant firms chose to cut employment numbers at their units for an eleventh successive month. Nonetheless, operating expenses increased at an accelerated rate, but the difficult business environment led to another round of falling output charges. Finally, service providers retained a reasonable degree of confidence that activity will increase over the coming 12 months, although overall optimism was at its lowest in three months amid worries over the long-term economic impact of the pandemic. source: Markit Economics
Services PMI in Spain averaged 51.03 points from 2011 until 2021, 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 February of 2021.
Services PMI in Spain is expected to be 51.00 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 52.50 in 12 months time. In the long-term, the Spain Services PMI is projected to trend around 52.90 points in 2022 and 54.40 points in 2023, according to our econometric models.