The S&P Global Spain Composite PMI declined to 55.8 in August 2026 from 56.5 in July, when it had reached its highest level since December 2024. While this marked a slight loss of momentum, the index still pointed to solid growth in overall private-sector activity.
The expansion was again driven entirely by the services sector, where the PMI edged down only marginally to 57.8 from 58.3. In contrast, manufacturing moved into contraction, with its PMI slipping to 49.5 from 50.2 and output falling at the fastest rate since December 2023. A similar divergence between services and manufacturing was evident in trends for new orders and employment.
At the same time, both input cost inflation and output price inflation accelerated compared with July. Business confidence regarding the outlook weakened, dropping to its lowest level in three months.
