The overall index for Spain’s manufacturing sector dropped to 45.3 in November from 46.3 in October, according to ForexYard. The employment sub-index also fell to 40.5 from 42.9. A level of 50 denotes the difference between a contraction and expansion.
Spain’s fiscal deficit is estimated to reach 10% of GDP this year and the economy is expected to contract by 3.5% this year, followed by a further 0.25% decline in 2010, according to the Organization for Economic Cooperation and Development (OECD).
Its ETF has been faring well year-to-date, thanks to a heavy allocation to Spain’s financial sector. The country recently unveiled a 10-year plan that features, in part, more supervision of the sector in order to make it easier for people to create businesses.
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Max Chen contributed to this article.