The IHS Markit Spain Services PMI jumped to 54.6 in April of 2021 from 48.1 in March, easily beating market expectations of 50 and pointing to not only the first rise in activity since last July but also the strongest growth since the end of 2019. Higher activity was linked to a combination of firmer demand, the reopening of business premises, and rising prospects amid a generally improving situation related to COVID-19. Companies reported that sales volumes had risen to the strongest degree since August 2019, driven by the domestic market as new export business continued to decline. Also, firms took on additional staff for the first time in over a year. On the price front, overall operating expenses increased to the greatest degree since August 2008; and output charges increased for the first time for over a year. Finally, business expectations rose to their highest since February 2004 with over 60% of companies anticipating a rise in activity from present levels in 12 months’ time. source: Markit Economics
Services PMI in Spain averaged 50.97 points from 2011 until 2021, 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 May of 2021.
Services PMI in Spain is expected to be 53.70 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 54.00 in 12 months time. In the long-term, the Spain Services PMI is projected to trend around 55.00 points in 2022 and 54.40 points in 2023, according to our econometric models.