FX.co ★ Spain Composite PMI Points to Robust Growth

The HCOB Spain Composite PMI experienced a slight decline in November 2025, registering at 55.1 compared to 56.0 in October. Despite this dip, the index continues to indicate strong growth within the private sector. The services sector saw a modest reduction in growth, standing at 55.6 from a previous 56.6, while growth in the manufacturing sector also eased from 52.1 to 51.5. Activity levels have consistently risen over the past two years. New business volumes surged, and amid capacity pressures, firms persistently hired additional workers, predominantly within the services industry. While cost inflation remained stable at a level above the historical average, selling prices increased at their slowest pace in the past year, primarily due to discounts in the manufacturing sector. "The Spanish economy continues to show resilience, with GDP expected to exhibit solid growth in the fourth quarter, as indicated by the HCOB PMI data for October and November," commented Jonas Feldhusen, Junior Economist at Hamburg Commercial Bank.