The S&P Global Spain Composite PMI slipped to 56.2 in October 2026 from 56.8 in September, still indicating a robust expansion in private sector activity for the sixth month in a row. Growth continued to be led by the services sector, while manufacturing momentum strengthened, with its PMI climbing to 52.2 from 51.0 — the highest reading since August 2025.
Both services and manufacturing registered increases in new orders, and employment continued to rise in the services sector. However, services new business growth eased to a five-month low, in part due to softer export demand.
At the same time, input cost inflation picked up, driven by higher energy, fuel, and transportation expenses. Manufacturers reported their fastest rise in input costs since May. Business sentiment diverged between sectors: confidence weakened among manufacturers, while service providers reported stronger optimism.
