The IHS Markit Spain Manufacturing PMI edged down to 47.4 in December of 2019 from 47.5 in November, compared to market expectations of 47. The reading pointed to the 7th straight month of contraction in factory activity, amid the biggest fall in production since April of 2013 due to a combination of falling order books and excess capacity in the sector. New orders and export trade were reduced due to an unstable demand environment, both at home and abroad. The automotive sector remained a key source of weakness, whilst some firms mentioned Brexit as a contributing factor behind reduced sales. Also, job cuts were the sharpest in over six years. On the price front, input costs continued to fall amid reports of a general deflationary environment and output charges were lowered for a fourth month. Regarding business confidence, it was the highest since June although political and economic uncertainties continued to weigh.
Manufacturing PMI in Spain averaged 50.72 points from 2011 until 2019, reaching an all time high of 56.10 points in November of 2017 and a record low of 41.10 points in June of 2012. This page provides the latest reported value for - Spain Manufacturing PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Markit Economics
Manufacturing PMI in Spain is expected to be 52.10 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in Spain to stand at 53.20 in 12 months time. In the long-term, the Spain Manufacturing PMI is projected to trend around 54.00 points in 2020, according to our econometric models.