November 30, 2022

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Spain June services PMI 62.5 vs 60.6 expected

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Latest data released by Markit – 5 July 2021

  • Prior 59.4
  • Composite PMI 62.4
  • Prior 59.2

The recovery in the Spanish services sector continues with growth improving at its quickest pace since March 2000. Of note, activity, new business and employment conditions all rose substantially during the month of June. Markit notes that:
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“Spain’s service sector lifted off in June, as restrictions
on economic activity continued to be eased and
market activity subsequently jumped. Benefiting from
noticeably higher sales, Spanish service providers
enjoyed their best aggregate increase in activity since
early 2000.

“Of note, sectors related to hospitality are enjoying
a resurgence in activity, although perhaps of some
worry will be the relative weakness in tourism, with
restrictions and challenges on travel from key markets
such as the UK weighing on growth.

“If these issues can be resolved then Spain will be
on course for an even stronger growth profile in the
coming months. Firms are certainly optimistic, with
sentiment improving to a level that matched April’s
multi-year high and, reflective of the strengthening
economic environment, companies ramped up their
prices to the strongest degree since early 2000.”

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