According to CoinMeta, Spain's service sector continued to grow strongly in October, but the pace of expansion was slower than in the previous three consecutive months due to a slowdown in new business growth and a decline in export sales. The S&P Global Spain Services Purchasing Managers Index (SPGI) business activity index fell from 58.3 in September to 57.2 in October. Paul Smith, Director of Financial Intelligence Economics at S&P Global Markets, stated that Spain's service sector economy continued to expand at a rate higher than average in October, indicating a good start to the fourth quarter of this year. Business confidence rose to its highest level since February, with companies saying that previously established investment plans and positive expectations for the general elections to be held on November 29 boosted their confidence.