Spain services growth cools in October, PMI stays above trend

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Andrey Mastykin

9 hours ago

Spain services growth cools in October, PMI stays above trend — Spain services cool, confidence up

Spain's services sector continues to expand strongly in October, although the pace slows from the previous three months as new business growth eases and export sales decline. The survey still points to a solid start to the final quarter, with business confidence reaching its highest level since February and hiring accelerating.

Highlights

Spain Services PMI Business Activity Index drops to 57.2 in October from 58.3 in September, signaling slightly slower but still strong expansion.
New business volumes grow at the slowest pace in five months and export business contracts for a second straight month, indicating weakening foreign demand.
Business confidence reaches its highest since February and job creation accelerates, but input price inflation hits its highest since March due to rising energy, fuel, and transport costs.

October PMI signals slower but solid expansion

As reported by Reuters, citing S&P Global, the Spain Services PMI Business Activity Index falls to 57.2 in October from 58.3 in September. A reading above 50 signals growth, and Paul Smith, economics director at S&P Global Market Intelligence, says the data indicates the services economy continues to expand at an above-average rate at the start of the final quarter.

New business volumes rise again, but the pace of growth slows to a five-month low. New export business contracts for a second consecutive month, suggesting some loss of momentum in demand from abroad.

Confidence and hiring offset cost pressures

Business confidence strengthens to its highest level since February, with firms pointing to earlier investment plans and hopes that the general election on November 29 may bring positive change. Employment also increases again, extending job creation to more than four years, while the pace of hiring is the strongest since July.

At the same time, input price inflation accelerates to its highest level since March as companies report higher energy, fuel and transport costs. Output price inflation, however, eases from September's five-month high, while the manufacturing PMI released on Monday shows factory activity expanding in October at its fastest pace since August 2025.

Mario Draghi’s warning on the trade-off between inflation fighting and long-term growth outlined how keeping interest rates above growth for too long can worsen debt dynamics and ultimately weigh on productive investment. In our earlier article, we noted his view that central banks should prioritize price stability while avoiding unnecessarily restrictive rate paths, and that complementary EU-level measures—such as deeper market integration and targeted industrial policy—could help protect investment and productivity.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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