Spain's manufacturing growth slowed to its lowest pace in two-and-a-half years in July as new orders contracted for the first time since the end of 2013, a survey showed, pointing to potential sector stagnation.
Markit's Purchasing Managers' Index (PMI) of manufacturing companies stood at 51.0 in July, down from 52.2 in June. But the index marked its 32nd straight month above the 50 line separating growth in activity from contraction.
The general trend towards stagnation seen in the Spanish manufacturing sector since the start of the year continued in July, Markit economist Andrew Harker said.
Markit's Purchasing Managers' Index (PMI) of manufacturing companies stood at 51.0 in July, down from 52.2 in June. But the index marked its 32nd straight month above the 50 line separating growth in activity from contraction.
The general trend towards stagnation seen in the Spanish manufacturing sector since the start of the year continued in July, Markit economist Andrew Harker said.
We mentioned last month that the rate of expansion in output would likely slow if the demand environment remained challenging and we saw production rise at the weakest pace in nine months in the latest survey. There seems at present little sign of any impetus to growth returning.
New order growth contracted in July for the first time since November 2013, with the related subindex down at 48.7 from 50.6 in June.
Spain's acting government raised forecasts for 2016 economic growth on Friday, betting the economy will remain largely immune to an extended political deadlock after a resilient start to the year.
Source<> http://economictimes.indiatimes.com/news/international/business/spain-manufacturing-activity-grows-in-july-at-slowest-rate-in-over-2-years/articleshow/53488124.cms
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