FX.co ★ Spain Private Sector Growth at Over 1-Year Low

The HCOB Spain Composite PMI decreased to 52.5 this April 2025 from 54 in March, signaling the second consecutive month of decelerated growth and marking the most significant slowdown since January 2024. Within the service sector, growth decelerated (PMI registering at 53.4 compared to March's 54.7), while manufacturing marked its third consecutive month of decline (with a PMI of 48.1 down from 49.5). This downturn is amidst a more challenging business landscape, further strained by tariffs and various market uncertainties. New private sector work saw a modest increase, reaching its weakest level since January 2024, as new orders for manufacturers notably decreased in April, and service providers faced a slowdown in growth again. Employment continued to rise but at a more subdued rate, albeit still remaining above the average. Business expectations have reached their lowest point since last August. Input costs saw another sharp increase, though at the mildest pace since last November, with output charges reflecting a similar trend.