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Financial News: Spain Manufacturing Growth Improves In May

Spain Manufacturing Growth Improves In May

06/01/2022 - 10:13:00 (RTTNews)

(RTTNews) - Spain's manufacturing activity expanded at a slightly faster pace in May on strong growth in output despite stagnant demand conditions caused by concerns over inflation and geographical uncertainty, data released by S&P Global showed on Wednesday.

The manufacturing Purchasing Managers' Index rose to 53.8 in May from 53.3 in April. Economists had forecast the reading to ease to 52.0. A reading above 50 indicates expansion in the sector.

New orders failed to grow in May due to ongoing concerns about severe inflationary pressures. This also created a lower export business for the current month.

Input price inflation remained sharp in May, led by increased prices for raw materials, energy and food. However, the rate of inflation eased slightly from a series record high in April.

Manufacturers faced supply-side challenges in May and this was reflected in another considerable lengthening of lead times. The latest deterioration in vendor performance was linked to pandemic related lock downs in China, the war in Ukraine and excess demand.

Purchasing activity increased at the fastest pace in three months as inflation and supply-side delays continued to encourage the stockpiling of inputs, with the purchase inventories rising further and at a survey record pace.

Looking ahead, manufacturers remained positive about the future, though worries over inflation and geopolitical uncertainties persisted.

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