04.02.202608:35:07UTC+00Spain Services Sector Growth Slows in January

The HCOB Spain Services PMI dropped to 53.5 in January 2026, down from December's peak at 57.1 over the past year, and fell short of market expectations pegged at 56.6. This latest figure indicates the slowest rate of expansion in services activity since August, though the growth trend remains robust overall. Growth in new business likewise decelerated to its slowest pace since June, while export sales saw their second decline within three months, attributed to diminished demand from key European markets. Employment exhibited strong positive growth, accelerating from December to reach its highest rate since last March. On the pricing front, input cost inflation remained high, with businesses reporting increased expenses for computer hardware and components and rising labor costs, while selling prices increased at the fastest rate in three months. Finally, business confidence edged up slightly, reaching a ten-month high.