Spain’s services sector expansion lost some momentum at the start of 2026, with the HCOB Spain Services PMI easing to 53.5 in January 2026 from 57.1 in December 2025.
Despite the decline, the index remains comfortably above the 50-point threshold that separates expansion from contraction, indicating that activity in Spain’s services economy is still growing, though at a slower pace than in the previous month. The latest reading suggests that while demand conditions remain generally supportive, the strong surge seen at the end of 2025 has moderated.
The updated data, released on 04 February 2026, will be closely watched by investors and policymakers as they assess whether the January cooling is a temporary normalization after robust year-end growth or the start of a more sustained easing in services-sector momentum.
