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Financial News: Spain Services Activity Falls Sharply On Covid-19 Pandemic

Spain Services Activity Falls Sharply On Covid-19 Pandemic

05/06/2020 - 06:17:00 (RTTNews)

(RTTNews) - Spain's services activity contracted sharply in April as government restrictions on non-essential economic activities inevitably impacted heavily on activity and demand, survey data from IHS Markit showed Wednesday.

The services Purchasing Managers' Index came in at a record low 7.1 in April versus 23.0 in March. The reading was expected to fall to 10.0.

Record falls in service sector output and new business were reported, whilst the sharp reduction in workloads and heightened pessimism about the future led to wide scale job losses.

Finally, price data pointed to the emergence of considerable deflationary pressures in April. Both output and input prices fell at record rates.

The composite output index fell to 9.2 in April, a new low, from 26.7 in March as both manufacturing and services output logged record contractions.

Allowing for a likely shift in the traditionally strong linear relationship between GDP and PMI data, the economy is currently estimated to contract at a quarterly rate of around 7 percent, Paul Smith, economics director at IHS Markit, said.

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