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Spanish services sector growth slows slightly in July -PMI

A waiter works at a crowded restaurant terrace in central Madrid, Spain, June 4, 2022. Picture taken June 4, 2022. REUTERS/Susana Vera

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MADRID, Aug 3 (Reuters) – Activity in Spain’s services sector grew in July at the slowest pace since March, with companies increasingly worried about the impact of high inflation on businesses and the economy, a survey showed on Wednesday.

S&P Global’s Purchasing Managers’ Index (PMI) of services companies, which take into account around 1 / 2 of Spain’s economic output, slipped to 53.8 last month from 54.0 in June, holding well above the 50.0 mark that denotes growth.

“Because the bounce in activity linked to the easing of pandemic-related restrictions continues to fade, there have been reports by panellists of growing client hesitancy as inflation and fears over economic recession mount,” wrote S&P Global Economics Director Paul Smith.

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Several respondents noted that tourism numbers a significant driver of the Spanish economy are usually less than normal, he added.

Confidence concerning the future slumped to its lowest level in nearly 2 yrs.

Spanish consumer prices rose 10.8% year-on-year in July, the fastest pace since September 1984.

A sister survey on Monday showed that factory activity in Spain contracted in July for the very first time in per year . 5 as inflationary pressures and macroeconomic uncertainty weighed on demand. read more

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Reporting by Andrei Khalip; Editing by Hugh Lawson

Our Standards: The Thomson Reuters Trust Principles.

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