FX.co ★ Spain Private Sector Growth Nudges Higher in June

The HCOB Spain Composite PMI experienced an uptick, reaching 52.1 in June 2025 compared to 51.4 in May. This indicates a slight improvement in private sector growth following three months of deceleration. Nevertheless, the index lingered significantly below earlier year figures. Both the services sector (reaching a two-month high with a PMI of 51.9, up from 51.3 in May) and manufacturing (hitting a six-month peak with a PMI of 51.4, up from 50.5) demonstrated accelerated expansion in June. This growth in output occurred in spite of new business volumes dropping for the first time since November 2023, mainly impacting the service sector as economic slowdown signs emerged. Employment growth continued with additional hiring, albeit at the slowest rate in over 18 months. Additionally, enduring input price inflation led to output charges climbing at their rapidest rate in three months. Confidence looking forward also increased, reaching a three-month high.