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Spanish Services PMI slumps 9.2 points

SPAIN DATA
MNI (London)

SPAIN JAN SERVICES PMI 46.6; DEC 55.8

SPAIN JAN COMPOSITE PMI 47.9; DEC 55.4

  • Spain's services PMI reading dropped 9.2 points in January, dipping significantly below the consensus forecast of 51.9.
  • The composite reading slid 7.5 points to 47.9 in January, over five points weaker than the January forecast of 52.7.
  • Surging Omicron cases coupled with inflationary price pressures hit the Spanish service sector particularly hard in January.
  • Output prices grew at a record-high pace and demand fell for new business due to high market uncertainty.
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