FX.co ★ Spain’s Private Sector Growth Slows to Nine-Month Low

The HCOB Spain Composite PMI slipped to 51.5 in February 2026 from 52.9 in January, indicating the slowest expansion in Spain’s private sector since May 2025. The loss of momentum reflected softer growth in the services economy and a return to contraction in manufacturing output. A similar pattern was evident in both new orders and employment: growth cooled in services while manufacturing recorded declines. At the same time, inflationary pressures strengthened, as firms reported quicker increases in input costs and output prices, signaling an acceleration in private sector inflation. Business confidence also weakened, with expectations for future activity falling to a six-month low.