Spain's Service Sector Returns To Growth
Spain’s service sector returned to growth in June following the unprecedented declines in activity caused by the coronavirus pandemic, survey data from IHS Markit showed Friday.
The services Purchasing Managers’ Index climbed sharply to 50.2 in June from 27.9 in May. A score above 50 indicates expansion. The reading was forecast to rise to 45.9.
Nonetheless, growth was marginal and followed on from a period of unprecedented contraction in service sector activity.
The composite output index advanced to 49.7 in June from 29.2 in the previous month. This was the highest score since February.
While firms in the services economy recorded marginal growth, manufacturing output continued to fall.