FX.co ★ Spain Private Sector Output Growth Eases in August

In August 2025, the HCOB Spain Composite PMI experienced a slight decline, slipping to 53.7 from the previous month's 54.7. This indicates a deceleration in growth within the private sector. The expansion of the services sector slowed down, yet manufacturing output saw its most significant rise since the preceding October, partially mitigating the overall slowdown. Additionally, a quicker rise in new orders contributed to a robust increase in staffing levels. Despite this, capacity remained strained, as evidenced by the year-to-date peak in backlogs of work. On the pricing side, both input costs and output charges rose more rapidly. Notably, business confidence reached its highest level in five months.