Markit Economics released final services purchasing managers' index (PMI) for Spain on Thursday. Spain's final services purchasing managers' index (PMI) dropped to 55.1 in September from 59.6 in August.

The index was driven by a weaker increase in new work and employment.

"Combined with a growth slowdown in the manufacturing sector, this suggests that the upturn in Spain may have peaked during the third quarter of the year. The rest of the year will be crucial in determining whether the Spanish economy continues to improve or eases back towards stagnation," Senior Economist at Markit Andrew Harker said.