Latest data released by Markit - 3 June 2021
- Prior 54.6
- Composite PMI 59.2 vs 58.0 expected
- Prior 55.2
The headline is the highest reading since August 2015 as looser virus restrictions led to a more widespread reopening of businesses and bolstering demand conditions as well.
Markit notes that:
"Spain's services economy benefited from an easing of COVID-19 restrictions during May, expanding at its fastest rate since the summer of 2015 on the back of improving demand and sales.
"The data highlight how the sector is primed for rapid growth in the coming months, with clients and consumers clearly keen to get back to some form of normality following the considerable challenges related to the pandemic over the past year or so.
"Of course, growth will remain dependent on the successful rollout of vaccination programmes and for Spain in particular a return to normality in foreign travel and tourism ahead of the crucial summer trading period is important.
"Less positive is that pipeline price pressures seen in the industrial sectors are being felt by service providers but for now, with demand and sales still in recovery mode and ground to be made up, pricing power and pass through to end clients remains muted."