FX.co ★ Spain’s Factory Downturn Deepens Slightly as HCOB Manufacturing PMI Slips in January

Spain’s manufacturing sector remained in contraction at the start of 2026, with the HCOB Spain Manufacturing Purchasing Managers’ Index (PMI) edging down to 49.2 in January 2026 from 49.6 in December 2025.

The latest reading, updated on 2 February 2026, keeps the index below the 50-point threshold that separates expansion from contraction, indicating a continued, albeit modest, downturn in industrial activity. The slight decline suggests that operating conditions for Spanish manufacturers deteriorated further in January compared with the previous month, extending the sector’s recent soft patch as the new year began.