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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain Manufacturing PMI fell to 48.7 in March 2026
FMPMonthlyReleased April 2026
Spain Manufacturing PMI fell to 48.7 in March 2026, released April 2026, down 1.3 from February's 50 reading. The reading matched the 50.4 consensus. Year-over-year, the indicator is down 0.8. Over the past 3 months, Manufacturing PMI averaged 49.6, vs 51.8 in the prior 3-month window. Manufacturing PMI is now the lowest in 10 months.
Latest Release
48.7
Actual
50.4
Consensus
50
Previous
Median Absolute Error
±1.03
across last 12 releases
Last Call
Apr 2026
Predicted: 50.05
Actual: 48.7
Error: +1.35
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
THE RELEASE
Manufacturing PMI (Spain) was reported at 48.70 in April 2026. This missed the market consensus of 50.40 by 1.70. The reading fell from the previous value of 50.00. Trailing 12-month context per ETL data through April 2026. Over the past 12 months, the indicator has averaged 50.98, ranging from 48.70 to 54.30 across 9 releases. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 49.30, down from the prior three at 51.07.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with S&P 500 (Bearish S&P 500). Over the last 12 releases, the Sigmacast model's median absolute error is 1.03.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Balance of Trade (Jun 23) and Gross Domestic Product QoQ (Jun 25).
Auto-generated from current model state · Refreshes on each release · Last update April 2026.
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Manufacturing PMI - ES
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About Manufacturing PMI — Spain
DEFINITION
Manufacturing PMI (Purchasing Managers' Index) is a key economic indicator that measures the health of the manufacturing sector in a country. It is based on a monthly survey of purchasing managers from various industries, providing valuable insights into production levels, new orders, employment, and supplier deliveries. A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 suggests contraction. This widely followed indicator is used by investors, businesses, and policymakers to assess the overall economic performance and make informed decisions.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Mar 2026): actual 48.7, consensus 50.4. Prior reading (Feb 2026): 50. Before that (Jan 2026): 49.2.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with S&P 500 (Bearish S&P 500, r=-0.67) — a useful reference for index-focused traders.