Spain Business Pessimism Softens

The seasonally adjusted industrial confidence indicator in Spain inched higher to -3.7 in May of 2026 from the seven-month low of -4.9 in April. Pessimism around new orders softened (-6.8 vs -9 in April) despite remaining elevated, as energy prices stabilized below their peak following the war in Iran. Likewise, production expectation pessimism eased (-1.7 vs -2.5). In turn, stocks levels dropped slightly (2.6 vs 3.1).

Spain’s seasonally adjusted industrial confidence indicator fell further to -5 in April 2026, the lowest since August 2025, from the upwardly revised -4.3 in the prior month. This reflected weaker production expectations (-2.4 vs 1 in March) amid sustained pressure on order books (-9.5 vs -9.5). Export orders also fell sharply (-26.2 vs -17.9) and stock levels declined (3.1 vs 4.4). Furthermore, the inflation outlook worsened, with price pressures expected to climb (26.5 vs 20.6).

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).