HCOB Manufacturing PMI in Spain

S&P Global · Monthly · Importance

49.5 (Aug-26) ABS · index · Monthly · CSV

Period	index
Aug 2026	49.5
Jul 2026	50.2
Jun 2026	49.7
May 2026	51.2

Period	index
May 2026	-0.5
Apr 2026	3.0
Mar 2026	-1.3
Feb 2026	0.8
Jan 2026	-0.4
Dec 2025	-1.9
Nov 2025	-0.6
Oct 2025	0.6
Sep 2025	-2.8
Aug 2025	2.4
Jul 2025	0.5
Jun 2025	0.9
May 2025	2.4
Apr 2025	-1.4
Mar 2025	-0.2
Feb 2025	-1.2

Period	index
Aug 2026	-4.8
Jul 2026	-1.7
Jun 2026	-1.7
May 2026	0.7
Apr 2026	3.6
Mar 2026	-0.8
Feb 2026	0.3
Jan 2026	-1.7

About this indicator

Source

S&P Global Market Intelligence

Frequency

Monthly

Release

First working day of the following month. 09:15 cest (07:15 utc)

What it is

The HCOB Spain Manufacturing PMI (an S&P Global survey sponsored by Hamburg Commercial Bank and compiled with AERCE) is a diffusion index based on a survey of purchasing managers in Spanish manufacturing. Above 50 signals expansion. Unlike Germany or France, Spain has no flash reading: only the final print is released.

How it's calculated

A weighted composite of five sub-indices: new orders (30%), output (25%), employment (20%), suppliers' delivery times (15%) and stocks of purchases (10%). Seasonally adjusted.

Market implications

It is an early gauge of the industrial cycle in Spain, the euro area's fourth-largest economy, though manufacturing carries less weight in its GDP than services. It helps calibrate Spain's contribution to bloc-wide activity.

Limitations

A qualitative survey: it measures the direction of change, not its size. With no flash reading, it arrives later than those for Germany, France or the EU as a whole.