FX.co ★ Spain’s Services Sector Returns to Growth as HCOB PMI Climbs Above 50 in May

Spain’s services sector moved back into expansion territory in May, as the HCOB Spain Services Purchasing Managers’ Index (PMI) rose to 50.1, up from 47.9 in April 2026. The latest reading, updated on 3 June 2026, marks a notable turnaround after activity had contracted the previous month.

The move above the 50.0 threshold, which separates contraction from growth, suggests that conditions in Spain’s services industry have stabilized and are now improving modestly. The shift from April’s sub-50 reading indicates that demand and activity levels may be firming after recent weakness, offering a cautiously positive signal for the broader Spanish economy.

While the gain to 50.1 points to only marginal expansion, the improvement from April’s 47.9 could encourage a more constructive outlook among businesses and investors, who will be watching upcoming data closely to see whether May’s recovery can be sustained in the months ahead.