HCOB Services PMI in Spain

The HCOB Spain Services PMI (S&P Global, Business Activity Index, compiled with AERCE) is a diffusion index based on a survey of purchasing managers in the Spanish services sector. Above 50 signals expansion. Like the manufacturing survey, it has no flash reading: only the final print.

A diffusion index of services business activity, based on a single question about the change versus the previous month, seasonally adjusted.

Services, tourism included, make up the bulk of Spanish GDP; together with the manufacturing PMI it forms the Composite PMI (not published as a standalone release). It is a key read on Spanish domestic demand.

A qualitative survey: it reflects the direction of change, not its size. With no flash reading, it arrives later than those for the larger euro-area economies.