FX.co ★ Spain’s Manufacturing Pulse Slips Back Into Contraction in June

Spain’s factory sector lost momentum in June, with the HCOB Spain Manufacturing PMI slipping below the growth threshold, signaling a renewed downturn in industrial activity.

According to data updated on 1 July 2026, the PMI fell to 49.7 in June 2026 from 51.2 in May 2026. The move takes the index back under the 50-point mark that separates expansion from contraction, indicating a weakening in operating conditions for Spanish manufacturers as the second half of the year begins.

The reversal from May’s expansionary reading suggests that the improvement seen earlier in the quarter has stalled, raising fresh questions about the durability of Spain’s industrial recovery within a broader, uncertain European economic backdrop.