Spain’s manufacturing sector experienced a subdued start to 2026. Although output stabilised following December’s fall, new orders declined to an even greater degree than in December, led in part by an accelerated downturn in export volumes. Against a backdrop of intensifying cost pressures, and rising competition, firms sought to maintain a leanness to their operations, cutting purchasing, inventories and employment. The seasonally adjusted HCOB Spain Manufacturing Purchasing Managers’ IndexTM (PMI®) – a composite index designed to provide a summary of operating conditions in the manufacturing economy – recorded ... (full story)