Follow Spain Investment Immigration and Spain's Economic situation: As domestic demand continues to drive economic recovery, Spain's service sector growth in April reached an eight-year high, stimulated by the increase in new business activities.
Data compilation agency Markit reported on Wednesday (May 6) that Spain's service sector PMI rose from 57.3 in March to 60.3 in April, the highest since 2006. This indicator has remained above the 50 mark for 18 consecutive months.
“April was quite encouraging for Spanish service sector businesses. Both service activity and employment indicators accelerated in growth,” said Markit economist Andrew Harker. “However, the highlight of the latest PMI is that the new business activity index recorded its strongest performance since June 2000, indicating that business activity will further increase in the coming months.”
Data shows that the new business activity index rose to 60.9, marking 21 consecutive months of increase.