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2026-04-07 15:59:21
[Spain's Services PMI Rises to 53.3 in March, Accelerating Unexpectedly] ⑴ The S&P Global Spain Services Purchasing Managers' Index (PMI) rose to 53.3 in March from 51.9 in February, far exceeding market expectations of a slowdown to 50.8. Business activity expanded steadily, supported by growth in new orders, but the pace slowed to a nine-month low due to uncertainty related to the Middle East conflict. ⑵ Foreign demand remained weak, with export sales experiencing their largest decline since January 2024. Employment continued to grow, extending the current hiring momentum to three and a half years. Businesses also expanded capacity, with backlogs showing a slight increase for the first time in four months. ⑶ Input costs surged at their fastest pace in nearly three years, driven by rising energy, fuel, and wage expenditures. In response, businesses raised output prices at their fastest pace since August 2025. Despite continued growth, business confidence fell to its lowest level since September 2023, with businesses expressing concerns about inflation and its potential impact on future demand.
