FX.co ★ Spain’s Services Sector Slips Into Contraction as April HCOB PMI Falls to 47.9

Spain’s services sector moved back into contraction territory in April, according to the latest HCOB Spain Services Purchasing Managers’ Index (PMI) data released on 06 May 2026.

The index dropped to 47.9 in April 2026, down sharply from 53.3 in March 2026. As the PMI uses the 50-point mark to distinguish between expansion and contraction, April’s reading signals a reversal in momentum for Spain’s services economy after having been in expansion just a month earlier.

The decline suggests that service providers faced a weaker business environment in April, with activity levels softening after March’s growth. Investors and policymakers will be watching upcoming data closely to assess whether this is a temporary setback or the start of a more prolonged slowdown in one of Spain’s key economic sectors.