Spain's manufacturing activity hit a two-year high in May, but it continued to contract, survey data from Markit Economics showed Monday.
The seasonally adjusted Purchasing Managers' Index rose to 48.1 in May from 44.7 in the previous month. A reading below 50 suggests contraction in the sector.
The rates of decline in output, new orders and employment all eased markedly during the month. The slower deterioration in business conditions partly reflected growth in new export orders, it said. New orders from abroad increased for the first time in three months.
Meanwhile, input costs decreased for the third successive month and firms continued to lower their output prices.
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