The HCOB Spain Manufacturing PMI fell to 51.5 in November 2025, down from 52.1 in October and below market expectations of 52.5, signaling a softer pace of expansion in the sector.
Despite the slowdown, the reading marks seven consecutive months of growth.
Output and new orders increased at a slower rate, with demand driven mainly by the domestic market, as new export orders declined for a third straight month.
Employment levels remained largely unchanged, while purchasing activity picked up.
On the price front, output charges were reduced for the third consecutive month, as firms offered discounts despite a slight rise in input costs, reflecting competitive pressures.
Business confidence stayed positive, with firms anticipating new product launches and increased marketing efforts over the next 12 months.