A sister survey of Spanish factory activity in January released on Wednesday, however, showed a contraction. The Spanish economy is expected to slow down this year from the stronger-than-expected 5.5% growth rate recorded in 2022. (Reporting by Inti Landauro; Editing by Toby Chopra)
MADRID, Feb 3 (Reuters) - Activity in the Spanish
services sector sped up in January, on higher demand and renewed
optimism, a survey showed on Friday, even though elevated
inflation remained a concern for business people.
S&P Global's Purchasing Managers' Index (PMI) for Spain's
services sector, which accounts for around half of Spanish
economic output, rose to 52.7 last month from 51.6 in December,
the strongest reading since July, well above the 50.0 mark that
separates growth from contraction.
"Expansions in activity and new business were sustained in
January and, in fact, sharpened to six- and seven-month highs,
respectively," S&P Global's economist Laura Denman said.
"The main driver in each of these upturns was an improvement
in the overall demand environment which is certainly a positive
sign for the future," she added.
Even though company owners are more optimistic about the
future and have hired more workers, high inflation remains a
concern to most of them.
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