Spain’s manufacturing sector grows at fastest pace in over 10 years

SPAIN’S manufacturing sector has grown at the fastest pace in over 10 years, lifted by strong output and new business.

Markit’s Purchasing Managers’ Index (PMI) of manufacturing companies stood at 56.1 in November, up from 55.8 in October.

The index has held above the 50 line separating growth from contraction every month since November 2013.

“The Spanish manufacturing sector continued to motor midway through the final quarter of the year, with output growth quickening to a two-and-a-half year high. Central to the success of the sector is firms’ ability to secure new business, often from export markets,” associate director at IHS Markit Andrew Harker said.

The output index rose to 57.7 in November from 56.8 a month earlier, Markit said.

Spain was expected to grow in the fourth quarter at a similar rate as the third.