Story perspectives

Spain's Service Sector Soars Amid Recovery and Inflation

1/7/2025

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Summary

Story summary

Spain's service sector experienced robust growth in December, with the HCOB Services PMI reaching 57.3, a peak since April 2023.
Strong demand and recovery from October's floods in Valencia drove this growth.
Employment rose for the 27th consecutive month, though backlogs hit their highest level since May 2022.
Inflation pressures intensified, resulting in the largest price increases in six months.
The central bank projects a 3.1% economic growth for 2024.

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Story summary

Spain's service sector experienced robust growth in December, with the HCOB Services PMI reaching 57.3, a peak since April 2023.
Strong demand and recovery from October's floods in Valencia drove this growth.
Employment rose for the 27th consecutive month, though backlogs hit their highest level since May 2022.
Inflation pressures intensified, resulting in the largest price increases in six months.
The central bank projects a 3.1% economic growth for 2024.