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MADRID, 5 Jun. (EUROPA PRESS) -
The growth of activity in the services sector in Spain maintained a solid rate of expansion in May, supported by the rise in the minimum interprofessional wage and pensions, as well as by the recovery of tourism, according to the Purchasing Managers' Index (PMI). , which stood at 56.7 points from 57.9 the previous month.
Thus, according to the May survey, the composite PMI index for Spain stood at 55.2 points, compared to 56.3 the previous month, thanks to the boost from the services sector, since manufacturing activity deteriorated again in the fifth month of the year, with a PMI of 48.4 points from April 49.
The latest services PMI reading indicated the seventh consecutive monthly improvement in activity in the sector, with growth remaining strong overall, though weaker than rates seen in each of the previous two months, while companies surveyed more favorable demand conditions stood out.
As companies are servicing higher levels of demand and preparing for the start of new projects, employment levels in the Spanish service sector increased for the eighth consecutive month in May and the rate of job creation remained strong overall.
"The service sector in Spain continues to show its solid side, supported by this year's increase in the minimum wage and pensions by around 8%, a resilient labor market and the recovery effects that are still being felt in tourism," according to Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
