The HCOB Spain Composite PMI slipped to 55.1 in November 2025 from 56.0 in October but continued to signal a robust expansion in the private sector. Growth in services eased yet remained strong (55.6 vs. 56.6), while the manufacturing sector also moderated (51.5 vs. 52.1). Rising levels of activity have now been recorded continuously for the past two years. New business volumes also increased and with capacity under some pressure firms continued to take on additional workers although growth was broadly confined to the services economy. Cost inflation was little changed meanwhile at an above average rate, but selling prices rose to the weakest degree in a year amid discounting in the manufacturing economy. “Spain’s economy remains robust, and GDP is likely to grow strongly in the fourth quarter, as suggested by the HCOB PMI data for October and November", Jonas Feldhusen, Junior Economist at Hamburg Commercial Bank, said.