Resume af teksten:
Den spanske fremstillingsaktivitet forblev i positivt terræn i november, med S&P Global Manufacturing PMI faldende fra 52,1 til 51,5. Sektoren har udvist vækst i syv måneder i træk, drevet af stærk indenlandsk efterspørgsel trods svagere eksport. PMI falder en smule men ligger stadig over neutralzonen på 50, hvilket signalerer fortsat ekspansion. Fremstillingssektoren, der udgør 10,6% af Spaniens værditilvækst, viser vedvarende modstandsdygtighed i 4. kvartal, hvilket understøtter en forventet helårsvækst på 2,9% for 2025. Stigende produktion og stærkere ordrebeholdning understøtter væksten, selvom eksportordrer svækkes. Prisforventningerne til produkter fortsætter med at falde, hvilket hjælper med at lette inflationspresset, mens Spaniens inflationsrate ligger på 3% i november. Dette forventes at konvergere mod 2,2% i 2026.
Fra ING:
Spanish manufacturing activity remained in expansion territory in November, with the S&P Global Manufacturing PMI easing from 52.1 to 51.5. Growth has moderated but the sector has now recorded seven consecutive months of expansion, driven by strong domestic demand despite weaker exports
Manufacturing growth persists amid slight PMI decline
The Spanish Manufacturing PMI declined from 52.1 in October to 51.5 in November, returning to its October level. Despite this moderation, the index remains above the 50-point threshold, indicating continued expansion. The sector, which represents 10.6% of Spain’s value-added and grew by 2.9% year-on-year in 3Q 2025, continues to show resilience in 4Q. Combined with strong services sentiment at the start of the quarter, accounting for nearly 70% of value-added, overall activity is set to maintain the pace of the third quarter. This supports full-year growth expectations of 2.9% for 2025, before easing to a projected 2.2% in 2026.
Domestic demand offsets weaker external environment
Growth is supported by rising output and stronger order books, as confirmed by the DG ECFIN industrial sentiment indicator, which reached its highest level since September 2024. Order book evaluations improved to an 11-month high, while inventories of finished goods declined to early-2025 levels after recent volatility and capacity utilisation increased to 78.3%. Overall, this indicates robust domestic demand while export orders weakened, highlighting persistent challenges in international markets.
Selling price expectations continue to decline
The PMI data also showed continued reductions in output prices amid competitive pressures, even as input costs edged up slightly. With Spain’s inflation rate at 3% in November, further declines in selling price expectations are helping to ease inflationary pressures and support the continued convergence of inflation towards slightly above target, at 2.2% in 2026, down from an expected 2.6% for 2025.
Hurtige nyheder er stadig i beta-fasen, og fejl kan derfor forekomme.
