Markit Economics released its final manufacturing purchasing managers' index (PMI) for Spain on Monday. Spain's manufacturing purchasing managers' index (PMI) declined to 53.6 in July from 54.5 in June. It was the lowest level since October 2014.

The decline was driven by a slower increase in output and new businesses.

"On the one hand, growth of output and new orders continued to slow from the sharp rates seen in May. On the other, firms raised employment and stocks of purchases at rates not seen since before the economic crisis, suggesting that manufacturers aren't expecting a prolonged slowdown," a senior economist at Markit Andrew Harker said.