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Financial News: Spain Manufacturing Downturn Continues In December

Spain Manufacturing Downturn Continues In December

01/02/2023 - 08:27:00 (RTTNews)

(RTTNews) - Spain's manufacturing activity contracted for the sixth successive month in December, led by further declines in both output and new work, data released by S&P Global showed on Monday.

The manufacturing Purchasing Managers' Index rose to 46.4 in December from 45.7 in November. Economists had forecast the reading to improve to 46.2.

Both output and new orders fell considerably at the end of the year. Firms widely reported ongoing uncertainty in the marketplace, and that general economic instability was hurting demand, both at home and abroad.

New export orders continued to fall amid lower sales to nearby European neighbours.

In line with weaker new orders, firms were reluctant to purchase new inputs, and there was also a marginal rise in inventories of finished goods.

Employment levels stabilized in December after contracting in the previous five months, as several firms expressed optimism that the worst of the current downturn had passed, partly due to an improving outlook.

In December, business confidence surged to its highest level since mid-year, supported by hopes that commercial activities and the end of the pandemic will support growth.

Despite elevated inflation, input prices rose the slowest in over two years, while charges rose at their slowest since early 2021.

The slowdown in inflation was largely attributed to reduced prices for commodities and utility bills along with ease in supply constraints.

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