Spain's Manufacturing Sector Extends Decline In December: PMI
Spain's manufacturing sector contracted for the seventh month in a row in December, with production falling at its fastest rate since April 2013, weighed down by political and economic uncertainty at home and abroad, a survey showed on Thursday.
Markit's Purchasing Managers' Index (PMI) of manufacturing companies edged down to 47.4 last month from 47.5 in November. It has remained below the 50 line separating growth from contraction since June.
"Spain's manufacturing sector endured a challenging end to 2019, with past and continued weakness in sales volumes leading to an ongoing retrenchment in production, purchasing activity and employment," IHS Markit Economics Director Paul Smith said in a statement.
"One crumb of comfort is the rise in confidence to its highest level since June as more firms hoped for better times ahead in 2020," he added.
The output index for manufacturing slumped to 45.4 from November's 47.5 - its sharpest dive in over 6-1/2 years - reflecting uncertainties stemming from Brexit and Spain's political stalemate after two inconclusive elections last year, among other factors.