A sister survey of Spanish factory activity in March, released on Monday, showed an expansion in activity for the second month in a row. Spanish economic growth is expected to slow this year. The government has forecast an expansion of 2.1% for 2023, following 5.5% growth in 2022. The central bank and many analysts expect to see even slower growth this year. (Reporting by Inti Landauro; Editing by Hugh Lawson)
MADRID, April 5 (Reuters) - Growth in activity in the
Spanish services sector sped up in March spurred by higher
domestic demand, although inflation weighed on business
confidence in the sector, a survey showed on Wednesday.
S&P Global's Purchasing Managers' Index (PMI) for Spain's
services sector, which accounts for around half of Spanish
economic output, rose to 59.4 last month, the fastest pace since
November 2021, up from 56.7 in February and well above the 50.0
mark that separates growth from contraction.
"Upturns in both activity and new business strengthened
further in March to reach 16-month highs," S&P Global's
economist Laura Denman said.
Business confidence, however, has fallen below the recent
average, she said as "nagging concerns about the current
inflationary environment and the potential for further interest
rate hikes reportedly acting as dampeners to confidence."
Official data released late last month showed the inflation
rate slowed during the month to 3.3%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.