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The Spanish service sector remained in growth territory at the end of 2016, with further increases in both business activity and new orders recorded in December. Higher fuel costs drove acceleration in the pace of input price inflation, while the rate at which output charges increased also quickened.
The headline seasonally adjusted Business Activity Index posted 55.0 in December, thereby signaling a further marked monthly rise in service sector activity. The reading was broadly unchanged from 55.1 in the previous month. Activity has increased continuously since November 2013, with the latest expansion attributed to increased new business amid improving client confidence and marketing activities.
New business continued to expand during December, with some panellists reporting improving market conditions. Although remaining solid, the rate of growth eased marginally from that seen in November. Growth of business activity was registered across all six monitored sectors, led by Post & Telecommunications.
The rate of input cost inflation in the service sector quickened to a 69-month high. According to respondents, higher fuel costs was the principal factor leading input prices to rise, while increases in energy and staff costs were also mentioned. The Hotels & Restaurants and Transport & Storage sectors registered the sharpest rises in input prices.
"Activity continued to rise markedly, but companies will be hoping that growth of new orders can pick up in coming months to return to the rates seen earlier in 2016. IHS Markit currently forecasts a rise in GDP of 2.1 percent in 2017," said Andrew Harker, Senior Economist, IHS, Markit.
Meanwhile, EUR/USD traded at 1.04, up 0.22 percent; at 9:00GMT, the FxWirePro's Hourly Euro Strength Index remained neutral at -39.38 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
