Spain’s Manufacturing Sector drops to 45.1

The rate of contraction in Spain’s manufacturing sector was worse than that of Greece in May, according to a business survey.

Markit’s euro zone manufacturing purchasing managers’ index for the whole euro zone dropped to 45.1 from 45.9 in April.

Any figure below 50 suggests a contraction in the sector.

Spain’s figure of 42.0 was the worst in the bloc, dropping below Greece’s level of 43.1.

It was Spain’s fastest rate of decline in its manufacturing sector since May 2009.

“Things went from bad to worse in the Spanish manufacturing sector during May,” said Andrew Harker, the report’s author.

“The ongoing lack of demand in the sector is mainly reflective of domestic problems, but the weakness in the rest of the euro zone was also reported to have weighed on demand in May.”