The S&P Spain Global Manufacturing PMI rose to 52.2 in October 2026 from 51.0 in September, beating market expectations of 50.8 and reaching its highest level since August 2025. For the first time in six months, both production and new orders increased simultaneously, supported by stronger domestic and external demand.
The improvement in orders, coupled with production delays and a slight reduction in employment, led to the fastest rise in backlogs of work since August 2025. Supply-chain disruptions remained a significant issue, with delivery times lengthening markedly due to vendor stock shortages and delays on key maritime routes. In response, manufacturers increased their purchasing activity for the first time since November 2025.
At the same time, higher costs for energy, fuel, and transportation, along with more expensive metals, drove the fastest rate of input price inflation since May. Firms passed these higher costs on by raising their selling prices. Looking ahead, business confidence weakened, weighed down by persistent cost pressures and heightened geopolitical uncertainty.
