The IHS Markit Spain Services PMI dropped 41.4 in October 2020 from 42.4 in September but above market expectations of 40. The reading pointed to the third consecutive contraction in the services sector and the sharpest since May. Both activity and new orders shrank at the fastest pace in five months with firms indicating that rising infections and worries amongst consumers regarding the pandemic undermined sales. Also, export orders declined sharply and for the eighteenth successive month while the job shedding rate eased to its weakest in the current eight-month period of contraction. On the price front, input price inflation rose boosted by higher labour and transportation cost, while output charges fell for an eighth straight month with the rate of deflation slowing to a four-month low. Finally, sentiment improved to its highest level since June lifted by hopes of a strong recovery in demand and sales once the current situation regarding COVID-19 was brought under control. source: Markit Economics
Services PMI in Spain averaged 51.24 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 November of 2020.
Services PMI in Spain is expected to be 48.40 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 2021 and 54.40 points in 2022, according to our econometric models.