In March 2025, the HCOB Spain Composite PMI registered a score of 54, a decrease from the previous month's 55.1, indicating a slight slowdown in economic growth. This decline was mainly attributed to a tapering in the services sector, with the PMI dropping to 54.7 from February's 56.2, alongside persistent challenges in the manufacturing sector, where the PMI fell to 49.5 from 49.7.