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4 Feb 2015
Spain Services PMI gains for fifteenth straight month
FXStreet (London) - The Markit Spanish headline seasonally adjusted Business Activity Index rose for the second month running, posting 56.7 in January from 54.3 in the previous month. The fifteenth consecutive increase in activity was sharp and the strongest since August 2014.
Markit reported that all monitored sectors posted expansions in activity, with the fastest rises seen at Transport & Storage and Financial Intermediation companies.
Markit also reported that new business increased at a faster pace during January. Anecdotal evidence suggested that improving economic conditions had helped companies to secure new clients. New orders have risen continuously on a monthly basis throughout the past year-and-a-half, with Financial Intermediation and Transport & Storage recording the strongest rates of expansion.
Andrew Harker, senior economist at Markit, commented: “The first services PMI reading of 2015 suggests that the sector made a good start to the year, with growth rates of activity and new business at their strongest since the middle of last year. Taken alongside the solid PMI numbers for the manufacturing sector released on Monday, the data suggest that the economic recovery in Spain gathered momentum in January.”
Markit reported that all monitored sectors posted expansions in activity, with the fastest rises seen at Transport & Storage and Financial Intermediation companies.
Markit also reported that new business increased at a faster pace during January. Anecdotal evidence suggested that improving economic conditions had helped companies to secure new clients. New orders have risen continuously on a monthly basis throughout the past year-and-a-half, with Financial Intermediation and Transport & Storage recording the strongest rates of expansion.
Andrew Harker, senior economist at Markit, commented: “The first services PMI reading of 2015 suggests that the sector made a good start to the year, with growth rates of activity and new business at their strongest since the middle of last year. Taken alongside the solid PMI numbers for the manufacturing sector released on Monday, the data suggest that the economic recovery in Spain gathered momentum in January.”