Latest data released by Markit - 3 March 2021
- Prior 41.7
- Composite PMI 45.1 vs 45.0 expected
- Prior 43.2
A mild improvement relative to January but the readings continue to reaffirm that the Spanish economy is facing another contraction in February with business activity still keeping lower by a considerable measure.
Optimism is improving but near-term challenges still remain. Markit notes that:
"February's survey indicated another challenging month for Spanish service providers as social-contact industries continued to struggle in the face of ongoing restrictions related to dealing with COVID-19.
"Activity and new business both fell markedly, and with the near-term likely to remain difficult, jobs continued to be cut. Adding to service providers' woes was a further acceleration in input price inflation to its highest level since last June.
"Nonetheless, optimism is growing that the environment will be much more positive and conducive to higher activity in a year's time, with firms anticipating a strong uplift in sales and revenues, albeit this is conditioned on the successful rollout of COVID-19 vaccines."
