FX.co ★ Spain’s Manufacturing Sector Contracts in December

The HCOB Spain Manufacturing PMI fell to 49.6 in December 2025, a decrease from 51.5 recorded in November, falling short of market predictions, which projected a figure of 51.0. This signifies the sector's first contraction since April, primarily due to reductions in both production and incoming orders. The survey highlighted a decline in demand, especially from overseas customers, with new export orders dropping at their most accelerated rate since April because of intensified price competition. Employment experienced a reduction for the fourth consecutive month, with job losses reaching their most severe level in two years. The backlog of work also decreased for the second straight month, marking the most significant drop since April.