FX.co ★ Spain Services Sector Growth Picks Up to 6-Month High

The S&P Global Spain Services PMI rose to 54.2 in June 2026, sharply exceeding market expectations of 50.9 and rebounding from 50.1 in May to register its strongest growth rate so far this year. The upturn was fueled by a solid increase in domestic new orders, which outpaced firms’ operating capacity and led to a notable build-up of outstanding work. While export demand was broadly unchanged, it was the first month in 2026 in which international sales did not contract. Encouraged by prospects of a potential resolution to the Middle East conflict, business confidence climbed to a four-month high. This improved outlook spurred firms to step up hiring at the fastest rate in three months, extending a 45-month run of job creation. The larger workforce pushed up wage costs which, together with elevated fuel prices, kept overall operating expenses high. Even so, input cost inflation eased to a four-month low, enabling service providers to temper their own price increases and bringing output price inflation down to its weakest pace since January.