The IHS Markit Spain Services PMI slumped to 42.4 in September 2020 from 47.7 in the previous month, well below market expectations of 46.3. The latest reading indicated an accelerated rate of contraction that was the sharpest since May. Incoming new work fell for the third month in a row amid reports of an intensification of the COVID-19 crisis, with new export orders down severely and for a seventeenth successive month as quarantine restrictions on travelers from abroad were having a noticeable impact on business. In addition, work outstanding and employment declined for a seventh successive month. On the price front, operating expenses continued to rise, while output charges fell again due to weak demand and competitive pressures. Finally, confidence about the future improved to a three-month high, though remaining well below the historical average, on hopes of a strong resumption of activity and sales once the pandemic was brought under control. source: Markit Economics
Services PMI in Spain averaged 51.33 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 October of 2020.
Services PMI in Spain is expected to be 48.40 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 52.50 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.