MADRID (Reuters) – The services sector in Spain grew in August at its fastest pace in five months, thanks to a greater demand coming mainly from the interior, according to a study published on Wednesday, although employment growth slowed again after a brief improvement in the previous month.
The Markit Purchasing Managers Index (PMI) of service companies, which accounts for about half of Spain's economic production, stood at 54.3 in August, compared to 52.9 in July. The index has remained above line 50 that separates the growth of the contraction every month since October 2013.
"The latest data from the study confirm that Spain is likely to remain one of the European economies with the best results during the third quarter of the year, with a seemingly stable GDP growth of around 0.5," said Paul Smith, director of IHS Markit economics.
However, the employment sub-index of the services sector fell to 51.5 in August, compared to 53.5 in July, when it picked up from its 36-month lows, which Markit attributed to concern about future production in a context of deterioration of foreign demand.
Optimism about the future among Spanish service providers fell to 58.2 in August, its lowest level in more than six years.
Another survey published on Monday showed that the Spanish manufacturing sector showed a slight improvement in August, but remained in contraction for the third consecutive month.
Information of Andrei Khalip; translated by Tomás Cobos in the Madrid newsroom
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