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Investing.com -- Spain’s service sector witnessed its slowest expansion in 18 months in May, according to a report by S&P Global on Wednesday.
The slowdown was primarily due to ongoing uncertainty, especially among international clients, which has negatively impacted demand growth.
The HCOB Spain Services PMI Business Activity Index, a measure of the country’s service sector performance, dropped to 51.3 in May, down from 53.4 in April.
Despite the decline, the index remained above the 50.0 threshold, which signifies growth in the sector. This indicates that while the sector continues to grow, the pace of growth has slowed down.
It’s important to note that this is the weakest expansion in activity since November 2023.
The service sector, which is a critical part of Spain’s economy, is currently facing challenges due to the uncertain economic environment. This has resulted in a slowdown in growth, particularly from the perspective of international clients.
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