The HCOB Spain Manufacturing PMI edged up to 50.0 in February 2026 from a nine‑month low of 49.2 in January, broadly matching market expectations of 50.1. The latest reading signaled a stabilization in operating conditions after two consecutive months of contraction.
New orders, employment, and purchasing activity all continued to decline, but at a slower rate than in January, allowing goods producers to keep output broadly steady over the month. Export demand remained a key weak spot, with firms highlighting the negative effects of US tariffs and a strong euro.
On the price front, input cost inflation quickened to a 13‑month high, driven by higher prices for a range of raw materials. In turn, manufacturers raised their selling prices for the first time since August of the previous year, although only modestly, constrained by persistent competitive pressures.
Looking ahead, sentiment for the next 12 months stayed positive, supported by expectations of stronger demand, successful investment projects, and further expansion into foreign markets.
