Spain Private Sector Output Growth Eases in August

The HCOB Spain Composite PMI fell to 53.7 in August 2025 from 54.7 in the prior month, indicating a softening of overall private sector growth. While the services sector expanded at a slower pace, manufacturing output increased at its fastest rate since last October, helping to partially offset the deceleration. Meanwhile, new orders rose at a faster rate, which helped to drive a solid rise in staffing levels. Capacity remained under pressure nonetheless as signaled by the steepest increase in backlogs of work recorded in the year to date. On the price front, both input and output charges increased at quicker pace. Finally, business confidence improved to a five-month high.