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Spain Manufacturing Growth Slows In March

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Spain’s manufacturing sector continued to expand in March but the pace of growth eased due to the uncertainties caused by the war in Ukraine, data released by S&P Global showed on Friday.

The manufacturing Purchasing Managers’ Index dropped to 54.2 in March from 56.9 in April. This was the lowest reading for over a year.

New order books were down for the first time since January 2021, whilst output growth sank noticeably to hit its lowest in the past 14 months.

The war in Ukraine served to exacerbate already embedded supply-chain and inflationary pressures. Overall prices for inputs rose to the sharpest degree since last November. At the same time, output prices logged a near record increase in March.

At the same time, employment grew at the weakest pace in 13 months of expansion. Confidence about the future was at its lowest level since May 2020.

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