The HCOB Spain Composite PMI rose to 54.7 in July 2025 from 52.1 in June, signaling the strongest expansion in the country’s private sector since February.
The upturn was driven mainly by robust growth in the services sector, alongside a solid increase in manufacturing output.
The overall improvement was supported by a sharp rise in new business, while growing optimism about the economic outlook led to the fastest pace of job creation in four months.
Although input cost inflation remained broadly stable, output charges increased at the steepest rate since February, with selling price inflation continuing to run well above the historical average.