The IHS Markit Spain Services PMI fell to 52.3 in January of 2020 from 54.9 in December, well below market expectations of 53.9. The reading pointed to the smallest growth in services activity since November of 2013 as political uncertainties weighed on demand and business confidence. The downturn in business activity growth was closely linked to similar weaker gains in new work. Retail Sales increased at the slowest rate since September 2013 and foreign sales fell for the ninth month amid global uncertainties related to Brexit and global trade wars. Still, employment continued to rise although at a slower pace. Input prices increased sharply due to rising labour costs and higher fuel. Whilst service providers sought to pass on their increased costs to clients, output charge inflation was only marginal in January. Finally, confidence about the future sank to its joint lowest level in over six years (matching that seen last August), amid political uncertainties in the country.
Services PMI in Spain averaged 52.35 points from 2011 until 2020, reaching an all time high of 60.30 points in April of 2015 and a record low of 36.80 points in November of 2011. 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. source: Markit Economics
Services PMI in Spain is expected to be 52.00 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 52.90 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.