- Prior 49.7
Spain's services sector signaled a modest growth in November, with both business activity and new orders expanding once again. That said, price pressures continued to rise markedly and is weighing on the overall outlook for the most part. S&P Global notes that:
“Given the context of cost-of-living challenges, high inflation , rising interest rates and widespread economic uncertainty, it was somewhat surprising to see a return to growth of business activity during November and a welcome improvement in sales for the first time in four months.
“Whether these upward trends can be sustained remains to be seen, with operating costs again rising sharply and continuing to place pressure on budgets both for companies and their clients. Subsequently, the outlook remains unusually unclear, and this was reflected by respondents signalling considerable uncertainty on where activity will end up in 12 months’ time.”