6 Jan 2015
Final Spanish services PMI strengthens in December
FXStreet (London) - The Spanish headline seasonally adjusted Business Activity Index produced by Markit strengthened during December to a reading of 54.3, from November’s 52.7. Monthly growth has now been recorded for fourteen successive months, with latest data showing that the Financial Intermediation and Transport & Storage sectors were the best performers.
Markit reported that business activity continued to increase during December, and at a faster rate as new business grew at the sharpest pace for four months. Employment increased marginally as a result.
Meanwhile, optimism regarding the future was the highest in nearly seven years as companies expressed confidence over the sustainability of the recent economic recovery.
Commenting on the survey data, Andrew Harker, senior economist at Markit and author of the report said: “December’s data pointed to a stronger expansion of the Spanish service sector at the end of 2014, although there has been a little underlying loss of momentum when we look at the trend over the final quarter as a whole.
“While we still expect the economy to have remained in an expansionary phase when we see the next set of GDP figures, overall growth may come in a little softer than we have seen in the previous two quarters.”
Markit reported that business activity continued to increase during December, and at a faster rate as new business grew at the sharpest pace for four months. Employment increased marginally as a result.
Meanwhile, optimism regarding the future was the highest in nearly seven years as companies expressed confidence over the sustainability of the recent economic recovery.
Commenting on the survey data, Andrew Harker, senior economist at Markit and author of the report said: “December’s data pointed to a stronger expansion of the Spanish service sector at the end of 2014, although there has been a little underlying loss of momentum when we look at the trend over the final quarter as a whole.
“While we still expect the economy to have remained in an expansionary phase when we see the next set of GDP figures, overall growth may come in a little softer than we have seen in the previous two quarters.”