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Financial News: Spain Manufacturing Sector Contracts At Unprecedented Pace

Spain Manufacturing Sector Contracts At Unprecedented Pace

05/04/2020 - 03:48:00 (RTTNews)

(RTTNews) - Spain's manufacturing sector contracted at an unprecedented pace in April as coronavirus, or covid-19, pandemic weighed on demand and activity, survey data from IHS Markit showed Monday.

The manufacturing Purchasing Managers' Index fell to 30.8 from 45.7 in March, signaling the sharpest deterioration since December 2008.

The expected reading was 34.0. A score below 50 indicates contraction.

The survey showed the COVID-19 pandemic led to considerable restrictions in non-essential economic activities in Spain and around the globe, leading to a record falls in output, new orders, export trade and purchasing activity.

Employment fell at a pace only surpassed at the height of the financial crisis, whilst confidence about the future sank to a new series low.

Deflationary pressures were apparent in April, with firms signaling concurrent falls in both input prices and output charges.

Although perhaps unsurprising given the restrictions in place related to non-essential economic activities, the latest PMI data for Spain's manufacturing sector nonetheless laid bare the scale of the economic fallout for goods producers from the COVID-19 pandemic, Paul Smith, economics director at IHS Markit said.

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