Spain Business Sentiment Improves in March

Spain’s seasonally adjusted industrial confidence indicator dropped to -4.2 in March 2026 from the upwardly revised -2.7 in the prior month. The reading reflected the lowest business sentiment in five months, likely influenced by ongoing tensions in the Middle East. Firms reported continued weakness in order books (-9.6 vs -9.9 in February) and a sharp drop in production expectations (1.3 vs 6.4), while stock levels eased slightly (4.4 vs 4.6).

Spain’s seasonally adjusted industrial confidence indicator rose to -2.6 in February 2026, up from a revised -3.1 in January, marking its highest reading since September 2024. The improvement was driven by stronger expectations for future production (6.5 vs 1.6 in January), even as order books weakened (-9.9 vs -7.8) and stock levels rose (4.6 vs 3.1).

Spain’s seasonally adjusted industry confidence indicator edged up to -3 in January 2026, the highest reading since September 2024, from -3.4 in the previous month, but still in pessimistic territory. Firms reported an improvement in order books (-7.3 vs -8.8 in December), while the growth in stock levels eased (3.1 vs 5.2). Looking forward, expectations on futures production levels weakened for the third consecutive month (1.4 vs 3.7).