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Financial News: Spain's Services Activity Expands At Faster Pace

Spain's Services Activity Expands At Faster Pace

05/04/2017 - 03:39:00 (RTTNews)

(RTTNews) - Spain' services activity expanded at a faster pace in April, survey data from IHS Markit showed Thursday.

The headline services Purchasing Managers' Index rose to 57.8 in April from 57.4 in the prior month.

Activity has expanded continuously since November 2013, with the latest increase supported by improving economic conditions.

Survey data pointed to sharp monthly rises in activity and new business in the Spanish service sector.

Higher workloads encouraged firms to expand their operating capacity, and to this end employment increased to the greatest extent in nine months.

Cost pressures continued to build and output prices were again raised at one of the fastest rates in the past decade.

IHS Markit has recently upped its GDP forecast for 2017 to 2.5 percent and these latest PMI numbers support the more optimistic outlook, Andrew Harker, a senior economist at IHS Markit, said.

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