The S&P Global Spain Manufacturing PMI rose to 51.0 in September 2026 from 49.5 in August, surpassing market expectations of 50.1. The latest reading signaled a return to growth, though only modest, supported in part by a rebound in output after three consecutive months of contraction. External demand was the main driver, as firms reported securing new projects and registering higher order volumes from international clients. Export orders increased for the first time since August 2025, even as overall new orders declined for the fifth month in a row.