Spain’s Factory Activity Tips Back Into Expansion as HCOB Manufacturing PMI Hits 50.0 in February

Spain’s manufacturing sector edged back into expansion territory in February, as the HCOB Spain Manufacturing Purchasing Managers’ Index (PMI) rose to 50.0, up from 49.2 in January 2026.

The February reading, updated on 2 March 2026, marks a key threshold for the sector: a PMI of 50.0 separates contraction from expansion. After lingering just below this line in January, the move to 50.0 suggests that activity in Spain’s factories has stabilized, potentially signaling the beginning of a modest recovery in manufacturing conditions.

While the increase is marginal, the shift from 49.2 to 50.0 indicates that overall operating conditions are no longer deteriorating on balance, offering a cautiously positive signal for the Spanish industrial outlook as 2026 progresses.