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Spain's Services Sector Signals Modest Growth In November


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Spain’s service sector returned to growth territory in November, as output and new orders rose amid solid market demand, survey results from S&P Global showed on Monday.

The services Purchasing Managers’ Index climbed to 51.2 in November from 49.7 in October. A score above 50.0 indicates expansion in the sector.

Further, the reading was the highest reading since July to snap a two-month sequence of contraction.

Despite ongoing macroeconomic uncertainties and high inflation, new orders grew modestly in November as market demand improved. New export orders, meanwhile, decreased for the seventh straight month.

A modest employment growth was recorded for the second straight month in November.

On the price front, input price inflation remained elevated in November, due to higher costs for fuel, electricity, gas, and wages. As a result, charge inflation accelerated to a 5-month high.

“The outlook remains unusually unclear, and this was reflected by respondents signalling considerable uncertainty on where activity will end up in 12 months’ time,” Paul Smith, a senior economist at S&P Global Market Intelligence, said.

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