Spain’s manufacturing sector moved back into contraction territory in March, as the HCOB Spain Manufacturing PMI fell to 48.7 from 50.0 in February 2026, according to data updated on 1 April 2026.
The February reading of 50.0 had marked a neutral point, indicating a pause between contraction and expansion. The drop to 48.7 in March signals renewed weakness in manufacturing activity, with the index once again below the 50 threshold that separates growth from decline.
The latest figure suggests that Spain’s industrial recovery remains fragile, with conditions in the manufacturing sector softening after briefly stabilizing at the start of the year.