The IHS Markit Spain Services PMI slid to 7.1 in April of 2020 from 23 in the previous month and worse than market expectations of 10. The reading pointed to a fresh record contraction in the services sector, as government restrictions on non-essential economic activities inevitably impacted heavily on activity and demand. Record falls in service sector output and new business were recorded, whilst the sharp reduction in workloads and heightened pessimism about the future led to widescale job losses. All of the sub-sectors that data are collected for recorded considerable drops in business activity when compared to March. Of note, however, Hotels & Restaurants and Transport & Storage were again especially hard hit, with these two subsectors suffering the sharpest contractions of all categories in April. Pessimism about the future sank to a new survey low, amid worries over the long-term impacts from the pandemic on demand, activity and the health of companies and consumers.
Services PMI in Spain averaged 51.66 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 May of 2020. source: Markit Economics
Services PMI in Spain is expected to be 38.00 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 51.00 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.