The S&P Global Spain Composite PMI rose to 52.4 in March 2026 from 51.5 in February, signaling continued expansion in private sector activity. Growth was driven mainly by the services sector, as manufacturing output declined for a second consecutive month. Similar patterns were observed in new orders and employment, with services offsetting weakness in industry. Meanwhile, input cost inflation accelerated sharply, largely due to higher energy and fuel prices linked to the Middle East conflict. As a result, business confidence weakened significantly, falling to its lowest level since late 2022.