The HCOB Spain Composite PMI rose to 56 in October 2025, from 53.8 in the prior month, indicating the fastest growth recorded this year. Both the services sector (PMI at 56.6 vs 54.3 in September) and manufacturing (PMI at 52.1 vs 51.5) saw improved performance. Growth was supported by stronger new orders, prompting firms to hire additional staff at the fastest rate in three months as workloads expanded. Business confidence also rose to its highest level since March. On the cost side, input price inflation eased to a three-month low, while output prices increased at a faster pace.