FX.co ★ Spain Manufacturing Expansion Slows in November

The Spain Manufacturing PMI, as reported by HCOB, decreased to 51.5 in November 2025, down from 52.1 in October, and fell short of the market's forecast of 52.5. This indicates a slower rate of expansion within the sector. Despite this deceleration, the index still marks seven months of continuous growth. Both production and new orders grew, albeit at a reduced pace, with demand primarily fueled by the domestic market as new export orders contracted for the third consecutive month. Employment levels remained stable, while purchasing activity experienced an upswing. In terms of pricing, output charges were lowered for the third month in a row, as businesses offered discounts despite a moderate increase in input costs, indicative of competitive market pressures. Nonetheless, business confidence remained optimistic, with companies planning new product launches and enhanced marketing strategies over the upcoming year.