Latest data released by Markit - 1 June 2020
- Prior 30.8
The drop in output and new orders were not as bad as April but still reflects extremely dire conditions amid the impact and fallout from the coronavirus outbreak.
Markit also details that pessimism about the future remains apparent as firms are worried about the longer-term impact on revenues, incomes and demand moving forward.
"Spain's manufacturing sector remained mired in a deep downturn during May as the difficulties related to the COVID-19 pandemic continued to weigh on goods producers.
"Whilst there were reports of factories coming back online in response to the slight easing of lockdown restrictions, low demand, constraints on economic activity and difficulties in sourcing inputs inevitably weighed on production.
"Indeed, anecdotal evidence pointed to plants operating at well below capacity with firms easily able to cope with current workloads and subsequently in many instances looking to reduce staffing numbers.
"Such decisions were in part driven by ongoing pessimism about the future, with sentiment remaining deep inside negative territory as worries persist about the longer-term impacts of the pandemic on incomes and consumption."
