Spain's industry is coming back to life with the fastest growth in 8 years

Spain flags celebration footballREUTERS/Marcelo Del PozoSpanish fans celebrate after the 2010 World Cup Group H match between Spain and Honduras at Ellis Park stadium in Johannesburg June 21, 2010.

Eurozone purchasing managers index (PMI) figures are rolling out this morning, giving us an idea of how the manufacturing sector did in May.

The PMIs are widely-watched business surveys that attempt to signal the way a sector is going before it’s recorded by official data.

Anything above 50 signals growth, the higher the better.

Here’s what we’ve got so far:

  • Spain at 55.8. That’s up from 54.2 in April, above what analysts expected (54.5) and actually the best result for Spain in eight years.
  • Italy coming at 8:45 a.m. London time (53.6 expected, 53.8 previously)
  • France coming at 8:50 a.m. (49.3 expected, 48 previously)
  • Germany coming at 8:55 a.m. (51.4 expected, 52.1 previously)
  • The whole eurozone figure is coming at 9 a.m. London time — analysts are expecting a score of 52.3 after a score of 52 in April.

Here’s a snippet from the Spanish result that’s particularly promising:

Manufacturing new orders rose sharply during May, with the rate of growth quickening to the fastest in more than eight years. Panellists reported improving market conditions and growth of new export orders. In fact, new business from abroad increased at a marked pace, extending the current sequence of expansion to 25 months. Some panellists reported that the recent weakness of the euro against the US dollar had helped them to secure new export orders.

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