Spain services growth hits 40-month high in July, PMI shows

Aug 5 (Reuters) - Spain's ‌service sector expanded ​at ​its fastest pace since March 2023 in July as stronger demand drove a marked rise ‌in new business, a business survey showed on ⁠Wednesday.

• The S&P Global Spain Services PMI Business Activity Index ‌rose to 58.3 in July ‌from 54.2 in June, a survey by S&P Global showed. The 50-mark separates growth from contraction.

• "Service sector ​growth took off during July as market demand strengthened and resulted in a sizeable increase in new ⁠business placed with companies," said Paul Smith, Economics Director at S&P Global ​Market Intelligence.

• New work rose at the strongest rate since January 2025, with firms citing ​stronger demand, new product launches and ‌commercial activity.

• Export orders increased modestly and at a much slower pace than total ⁠new business.

• Employment growth accelerated for a third straight month to its highest since January.

• Backlogs of work rose for ⁠a second consecutive month.

• Input cost inflation eased to a five-month ​low, though energy, fuel and staff costs continued to lift expenses.

• Output charges increased at the weakest rate since March 2021.

• ‌Confidence remained positive but fell from June and stayed below trend amid uncertainty over ‌domestic and international politics.

• The S&P Global Spain Composite ⁠PMI rose to 56.5 ‌from 53.3, a 19-month ​high, as services offset a marginal fall in manufacturing output.

(Reporting by Reuters; Editing by Toby ‌Chopra)

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