Spain Industry Sentiment Weakens in December

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).

Spain’s seasonally adjusted industry confidence indicator fell to -3.5 in December 2025 from -3.2 in November. There was a decrease in new order inflows (-9.1 vs -8.5) and output expectations softened (3.9 vs 4.2). At the same time, stock levels were unchanged at 5.3.

Spain’s seasonally adjusted industry confidence indicator rose to -3.0 in November 2025, up from -5.4 in October, marking its highest level since September 2024. There was an increase in new order inflows (-7.9 vs. -12.9) and a moderation in stock levels (5.3 vs. 9.2), while output expectations softened slightly, declining to 4.2 from 5.9.