FX.co ★ Spain’s Services Momentum Eases as HCOB PMI Slips to 57.8 in August

Spain’s services sector continued to expand in August 2026, but at a slightly slower pace, as the HCOB Spain Services PMI edged down to 57.8 from 58.3 in July. The latest reading, updated on 3 September 2026, still firmly signals growth, remaining well above the 50-point threshold that separates expansion from contraction.

The marginal decline suggests that while demand in Spain’s services industry remains robust, the pace of activity may be moderating after a strong run earlier in the summer. Investors and policymakers will be watching upcoming data closely to assess whether this easing is a temporary pause or the start of a broader cooling in one of the key engines of Spain’s economy.

With the PMI still at an elevated level, sentiment in the services sector appears broadly positive. However, the step down from July’s 58.3 highlights a more cautious backdrop as companies adapt to evolving economic conditions in the second half of 2026.