Spain's manufacturing sector maintained growth momentum in March with rates of expansion in both output and new orders accelerating from February, data from Markit Economics showed Tuesday.
The seasonally adjusted Purchasing Managers' Index rose to 52.8 in March from 52.5 in February. The reading pointed to a fourth consecutive monthly strengthening of business conditions.
Total new orders rose at the sharpest pace in almost four years in March. With new orders continuing to rise, manufacturing firms in Spain increased their production levels.
Staffing levels were broadly unchanged, however, following modest rises in the previous two months. Input costs decreased for the second time in the past three months during March. In turn, firms lowered their prices charged.
"The recent pick-up in the Spanish manufacturing sector continued in March, finishing off a solid first quarter," Andrew Harker, senior economist at Markit and author of the report, said.
Sharper rises in both new and existing orders suggest that further growth of output is likely in the near-term, added Harker.
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