November 26, 2022

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Spain July services PMI 61.9 vs 63.0 expected

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Latest data released by Markit – 4 August 2021

  • Prior 62.5
  • Composite PMI 61.2 vs 62.3 expected
  • Prior 62.4

A slight miss on estimates but growth conditions in Spain remain elevated in July. Further substantial gains are observed in activity and new orders, so that is encouraging but foreign demand weakened amid COVID-19 concerns (delta variant spread).Invest in yourself. See our forex education hub.

Markit notes that:

“Spain’s services economy experienced a slight drop in
growth during July, but the latest number should be
placed in the context of an extremely strong June and
continued to signal a considerable pace of expansion
as the economy opens up, sales strengthen further and
market demand continues to improve.

“That said, there were some hints of the ongoing
challenges faced by the sector, with recent rises
in infection numbers reportedly leading to some
cancellation of orders and heightened caution,
especially amongst foreign clients when booking
hospitality.

“Subsequently, confidence was down during the
month, as firms indicated worries that any further
rise in infection numbers could weigh on the recovery
going forward.”




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