Spain's service sector improved in December, with the main figure landing above the neutral 50 to mark overall growth, according to a report by S&P Global and Hamburg Commercial Bank (HCOB) published on Monday.
The seasonally adjusted figure showed the HCOB Spain Services PMI Business Activity Index at 57.3, rising compared to last month's figure of 53.1, and posting the strongest monthly rise in business activity since April 2023. Companies attributed the upturn in growth principally to strong underlying demand for their services.
"In the services sector, activity increased significantly in December, which is also reflected in an improved order situation. Additionally, the effects of the DANA weather phenomenon, which caused flooding in the Valencia region, have led to numerous insurance and reconstruction cases, generating additional orders," Junior Economist at Hamburg Commercial Bank Jonas Feldhusen commented.
