The IHS Markit Spain Services PMI jumped to 54.9 in December of 2019 from 53.2 in November, beating market expectations of 53.9. The reading pointed to the strongest growth in services activity in nine months, mainly due to new business. However, export sales fell for the eighth month as political and economic uncertainties continued to weigh on demand in external markets. Also, employment increased and backlogs of work went up the most since August of 2018. On the price front, operating expenses rose due to higher salaries and fuel and utility bills while output charges were nearly unchanged. Business confidence improved to a 5-month high, boosted by plans to bolster commercial and strategic activities, plus some encouragement from higher demand over the past two months. However, worries over domestic politics were widely reported by the survey panel, and are expected to weigh on investment and economic activity in the coming months. Services PMI in Spain averaged 52.35 points from 2011 until 2019, reaching an all time high of 60.30 points in April of 2015 and a record low of 36.80 points in November of 2011. source: Markit Economics

Services PMI in Spain is expected to be 52.00 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 52.90 in 12 months time. In the long-term, the Spain Services PMI is projected to trend around 54.40 points in 2020, according to our econometric models.

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Spain Services PMI

Actual Previous Highest Lowest Dates Unit Frequency
54.90 53.20 60.30 36.80 2011 - 2019 points Monthly

News Stream
Spain Services PMI Beats Forecasts
The IHS Markit Spain services PM rose to 53.2 in November 2019 from 52.7 in the previous month and above market expectations of 51.9. New orders advanced faster due to a general increase in demand and payroll numbers extended the current run of growth to 62 months. On the price front, input cost rose the most since July on higher transportation and utility costs while output prices were reduced amid ongoing strong market competition. Finally, confidence about the future picked up to a four-month high despite several firms reported worries around the formation of a new government and its unknown impact on areas related to regulation, wages and general economic activity.

Spain Services Activity Growth at Over 1-Year Low
The IHS Markit Spain services PMI fell to 52.7 in October 2019 from 53.3 in the previous month and slightly below market expectations of 52.8. The latest reading pointed to the weakest expansion in the services sector since September last year, as new orders rose at the softest rate in three months and new export orders dropped at a series record pace amid ongoing political and economic uncertainties. Also, the job creation rate went up at the slowest pace since survey began, amid softer trends in both activity and new work. On the price front, input prices rose sharply boosted by higher staffing costs, energy, fuel and food prices. Finally, sentiment remained positive, amid plans for fresh commercial strategies and the introduction of new services, economic and political uncertainties, both within and outside of Spain, continued to undermine the outlook.

Spain Services Activity Growth Below Forecasts
The IHS Markit Spain services PMI fell to 53.3 in September 2019 from 54.3 in the previous month and below market expectations of 53.8. The latest reading pointed to a slower expansion in the services sector, as new work rose at a softer pace and new export orders dropped for the fifth consecutive month amid political and economic concerns related to Brexit. The job creation rate was modest, as firms took on staff to help keep on top of overall workloads. Meantime, backlogs of work went up for a third successive month, and at the sharpest rate for over a year. On the price front, input cost inflation eased to a two-year low and output prices dropped slightly amid strong competition. Finally, optimism remained amongst the lowest in the past six year linked mainly to Brexit uncertainty.

Spain Services Activity Growth Beats Forecasts
The IHS Markit Spain services PMI increased to 54.3 in August 2019 from 52.9 in the previous month and beating market expectations of 53. The reading pointed to the strongest expansion in services activity in five months, as new work rose at the steepest pace since April boosted by domestic demand which offset a fall in foreign demand for the fourth consecutive month. Also, backlogs of work advanced at the sharpest rate in twelve months. Meantime, the job creation rate went up at the softest pace since December 2014. On the price front, input cost inflation rose markedly extending the current period of inflation to four-and-a-half years amid higher employment and transport prices while average output charges fell for the first time in sixteen months. Finally, optimism dropped to an over six-year low amid concerns over demand trends around the world, namely European markets.

Spain Services Sector Growth Slowed in July
The IHS Markit Spain services PMI decreased to 52.9 in July of 2019 from June’s three-month high of 53.6 and missing market expectations of 53.6. New export orders contracted at a record level. Job creation growth increased at the strongest rate for three months. On the price front, Input cost inflation quickened while output prices rose only slightly. Finally, looking ahead to the next 12 months confidence remained positive but below its historical trend.

Spain Services Activity Growth Beats Estimates
The IHS Markit Services PMI for Spain rose to 53.6 in June 2019 from 52.8 in the previous month and beating market forecasts of 52.7. The latest reading pointed to a stronger expansion in services activity, as new work increased driven by the domestic market amid commercial initiatives. Meanwhile, new export orders dropped for the second consecutive month and at the steepest pace since November 2019 linked to economic and political concerns. Also, the job creation rate eased to its weakest level in over two-and-a-half-years as firms signalled sufficient capacity to deal with overall workloads and backlogs of work declined for the first time in three months. On the price front, input cost inflation slowed to a 21-month low and output price inflation eased to its lowest since October last year. Finally, optimism was at its highest level for three months, as firms are generally banking on activity amid a general upturn in market conditions and subsequent improvement in sales volumes.

Spain Services PMI
The Markit Spain Services PMI (Purchasing Managers' Index) is based on data compiled from a representative panel of over 300 companies based in the Spanish service sector. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.

Spain Business Last Previous Highest Lowest Unit
Business Confidence -1.90 -3.20 8.50 -39.00 points [+]
Services PMI 54.90 53.20 60.30 36.80 points [+]
Manufacturing PMI 47.40 47.50 56.10 41.10 points [+]
Industrial Production 2.10 -1.30 13.60 -21.80 percent [+]
Industrial Production Mom 1.00 -0.50 9.30 -12.00 percent [+]
Manufacturing Production 1.60 -0.20 13.60 -22.90 percent [+]
Capacity Utilization 79.00 80.90 90.00 68.86 percent [+]
Changes in Inventories 2953.00 2935.00 3071.00 -3183.00 EUR Million [+]
Bankruptcies 1384.00 1588.00 2854.00 11.00 Companies [+]
Total Vehicle Sales 105853.00 93158.00 177375.00 23090.00 [+]
Car Production 1964.00 2082.00 2504.00 139.00 Hundred Units [+]
Car Registrations 116673.00 115249.00 159417.00 3103.00 [+]
Internet Speed 15487.07 15362.73 15487.07 2354.24 KBps [+]
IP Addresses 14575619.00 13803828.00 14855454.00 7640009.00 IP [+]
Mining Production 24.90 7.60 24.90 -44.90 percent [+]
Steel Production 1070.00 1225.00 1980.00 555.00 Thousand Tonnes [+]
Competitiveness Index 75.28 74.20 75.28 4.49 Points [+]
Competitiveness Rank 23.00 26.00 42.00 23.00 [+]
Ease of Doing Business 30.00 30.00 62.00 28.00 [+]
Electricity Production 22330.00 22693.00 27405.00 20466.00 Gigawatt-hour [+]
Corruption Index 58.00 57.00 71.00 43.10 Points [+]
Corruption Rank 41.00 42.00 42.00 20.00 [+]
Factory Orders -20.20 -2.60 25.60 -33.60 percent [+]