View: Edward Hugh

Spain's recession appears to have deepened entering the second quarter of 2012, according to the data from the manufacturing PMI, which hit its lowest level since June 2009.

Commenting on the Spanish Manufacturing PMI? survey data, Andrew Harker, economist at Markit and author of the report, said:

The Spanish manufacturing PMI remained well below the 50.0 no-change mark in April, continuing th...e trend of worsening business conditions in the sector. In fact, the PMI even moved slightly further away from 50.0 during the month. The acceleration in the rate of contraction in new orders seen in March was followed up by a similar trend in the output index in April. Further price discounting at manufacturers appeared to have a limited impact on sales, with new orders falling at a substantial pace over the month.See More