Spain Industrial Confidence Hits 17-Month High

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).

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.