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Services PMI Growth Gains Momentum in March

SPAIN DATA
MNI (London)

SPAIN MAR SERVICES PMI 59.4 (FCST 57.5); FEB 56.7

  • The Spanish services PMI gained 2.7 points in March, jumping to the strongest service sector growth since November '21.
  • Strong demand spurred robust Q1 Spanish services growth and sustained employment growth.
  • Inflationary pressures remained elevated, easing only slightly from February. Price growth was underpinned by high energy prices and wage pressures.
  • The strong service activity evident in eurozone PMIs in March adds to service-inflation concerns for the ECB, after the bloc recorded core HICP at a fresh euro-era high of +5.7% y/y in the February flash, boosted by the acceleration in service prices.


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