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Spain's manufacturing PMI hovers around 20-month highs and suggests quarterly GDP growth of 1%

MADRID, 2 Abr.

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Spain's manufacturing PMI hovers around 20-month highs and suggests quarterly GDP growth of 1%

MADRID, 2 Abr. (EUROPA PRESS) -

The expansion of Spain's manufacturing sector activity has remained close to its 20-month highs in March, with the PMI reading at 51.4 points from 51.5 the previous month, suggesting a growth rate of GDP of around 1% in the first quarter.

In March, Spain's manufacturing economy continued to expand, with output rising at its strongest pace in a year, while new orders rose for a second consecutive month amid signs of firmer external demand, leading companies to strengthen their purchasing volumes and staffing.

Confidence in the future remained positive, despite having decreased slightly compared to the previous month, while in relation to prices, input costs increased for the second consecutive month, although only modestly, while sales prices continued decreasing.

"With respect to the manufacturing sector and considering the PMI index, our real-time GDP estimate estimates a solid 1% growth rate in the first quarter, a figure that the euro zone could only dream of," notes Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.