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Omicron worries are to blame as activity and new business expanded at lower rates. Meanwhile, business confidence slumped to an 11-month low while price pressures continued to persist. Put together, that is a noticeable hit on sentiment and the services sector last month. Markit notes that:
“The Spanish service economy maintained its recent
run of growth into year end, though the latest data
and reports from panellists suggested that dark clouds
were forming for the sector heading into the new year.
“Whilst growth remained marked, it was noticeably
slower than in recent months. This was linked to the
recent emergence of the Omicron variant of COVID19. Panellists indicated growing worries amongst the
public, with many adopting a generally more cautious
attitude that was reflected in growing numbers of
booking cancellations.
“These were naturally seen most often amongst
providers of hospitality services, which given the
importance of the holiday period to these firms in terms
of sales and revenues means that new developments in
the virus could not have come at a worst time.”