Latest data released by Markit - 4 August 2021
- Prior 62.5
- Composite PMI 61.2 vs 62.3 expected
- Prior 62.4
A slight miss on estimates but growth conditions in Spain remain elevated in July. Further substantial gains are observed in activity and new orders, so that is encouraging but foreign demand weakened amid COVID-19 concerns (delta variant spread).
Markit notes that:
"Spain's services economy experienced a slight drop in growth during July, but the latest number should be placed in the context of an extremely strong June and continued to signal a considerable pace of expansion as the economy opens up, sales strengthen further and market demand continues to improve.
"That said, there were some hints of the ongoing challenges faced by the sector, with recent rises in infection numbers reportedly leading to some cancellation of orders and heightened caution, especially amongst foreign clients when booking hospitality.
"Subsequently, confidence was down during the month, as firms indicated worries that any further rise in infection numbers could weigh on the recovery going forward."
