Spanish manufacturing growth accelerates in September, PMI shows
MADRID, Oct 1 (Reuters) -Spanish manufacturing activity picked up steam in September, showing its strongest growth since May, with output, new orders and optimism about the coming months rising strongly in contrast with Spain's euro zone peers, a survey showed on Tuesday.
The HCOB Purchasing Managers' Index (PMI) for Spain's manufacturing sector, compiled by S&P Global, rose to 53.0 in September from just 50.5 in August. It was the eighth consecutive reading above the 50 mark that separates growth from contraction.
"Spain is and remains the outlier among the major Eurozone countries," Jonas Feldhusen, Junior Economist at Hamburg Commercial Bank, said in the report, adding that the improvement dispelled forecasts of manufacturing growth fizzling out amid poor industrial sentiment in Germany and France.
"Business confidence has brightened significantly in September. After falling below the historical average in August, future expectations have seen a strong rebound," he wrote, citing a return to employment growth as a sign of optimism.
Spain's statistics office on Friday confirmed that the economy expanded a solid 0.8% in the second quarter, compared with 0.3% for the euro zone as a whole, with annual growth reaching 3.1%.
That is well in line with the government's freshly upgraded forecast for 2024 of 2.7% and far above the common currency area's growth outlook of 0.8%.
Reporting by Andrei Khalip; Editing by Hugh Lawson
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