FX.co ★ Spain’s Private Sector Shows Signs of Stabilization

The HCOB Spain Composite PMI rose to 50.2 in May 2026 from 48.7 in April, indicating a broad stabilization in business conditions following a sharp deterioration in the previous month. Services activity steadied after contracting in April, while manufacturing output continued to expand, albeit at a slower pace. New orders were largely unchanged, but employment kept growing at a solid rate. Business confidence strengthened to a three-month high, though it remained below its long-term average. Input cost inflation quickened to its highest level since November 2022, while output price inflation moderated to a three-month low, yet stayed above historical norms.