Spanish Manufacturing Sees Fastest Growth in Over Two Years, Boosting Economic Confidence
Spain: Spanish manufacturing activity accelerated in October, achieving its strongest growth in over two years, with increases in output, new orders, and hiring, according to a survey released. The HCOB Purchasing Managers' Index (PMI) for Spain's manufacturing sector, compiled by S&P Global, rose to 54.5 in October from 53.0 in September. This marked the ninth consecutive month the index remained above the 50 threshold that separates expansion from contraction, reaching its highest level since February 2022. Growth was widespread, with new export business experiencing the fastest increase in nearly three years, the report noted. As production and hiring rose, business confidence reached a five-month high. The October PMI suggests that the robust economic growth seen in the third quarter has carried into the fourth. Spain's statistics department reported that the economy grew at a stronger-than-expected rate of 0.8% in the third quarter, outperforming the euro zone's 0.4% growth, with annual expansion at 3.4%. The government has recently raised its 2024 growth forecast to 2.7%.
Source: Spain's Statistic Department