Spain's manufacturing sector expanded at the fastest pace in 23 years in May, led by solid growth in output and new orders, survey results from IHS Markit showed Tuesday.
The headline IHS Markit Spain Manufacturing purchasing managers' index climbed to 59.4 from 57.7 in April. The latest reading was the highest since May 1998. Economists had forecast a score of 59.5.
A reading above 50 suggests growth in the sector, which expanded for a fourth consecutive month.
Responding to strong output and order growth, more jobs were created in May.
Meanwhile, supply-side constraints intensified in May. Input and output prices hit new series highs
"May was another stellar month for the Spanish manufacturing sector, with both new orders and output rising at rates not seen since before the global financial crisis," IHS Markit Economics Director Paul Smith said.
"Growth is being driven by the ongoing reopening of economies and continued strength in demand, both from at home and from European neighbors."
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