España PMI Servicios

The HCOB Spain Services PMI dropped to 53.1 in November 2024, down from 54.9 in October and slightly below the expected 53.2. While still indicating growth in the service sector, the pace has slowed, marking the weakest expansion since January. This slowdown was partly due to the impact of flooding from a weather phenomenon, which limited growth in both activity and new business. Despite this, firms remained optimistic about the future, adding staff to manage increased workloads. On the price front, input costs continued to rise, driven by higher wages, although output charges increased at the slowest rate since August 2021. Looking ahead, companies expect continued growth over the next 12 months, driven by economic optimism and planned commercial activity.