Latest data released by Markit - 3 December 2020
- Prior 41.4
- Composite PMI 41.7 vs 40.0 expected
- Prior 44.1
The drop in services activity isn't as sharp as estimated but the decline still reflects a slowing economy heading into the year-end. Virus restrictions are the main cause here and that is likely to weigh further on business activity in the latter stages of Q4 as well.
Markit notes that:
"November's PMI data confirm that the second wave of COVID-19 is having a detrimental impact on the Spanish economy, but not to the same degree as we saw earlier in the year.
"Indeed, although sectors such as hospitality and tourism are suffering greatly, these difficulties are being offset to a degree by relative stability in other areas of the economy.
"Hopefully this will provide the platform for a 'w'- shaped recovery to take hold next year. Indeed, with the recent positive news on vaccine developments, there is a growing hope amongst businesses that if they can survive in the near-term then a strong recovery will begin to materialise by the second half of 2021."
