Spain Industrial Activity Rebounds Less than Anticipated

Spain’s industrial production increased by 2.0% year-over-year in April 2026, matching market expectations and following an upwardly revised 1.9% rise in March. Energy production rebounded with a 2.4% gain, reversing March’s 1.9% decline, while capital goods output grew 3.6% (up from 3.3%) and intermediate goods rose 2.1% (from 2.0%). However, non-durable consumer goods production nearly stalled at 0.1% (down from 4.1%), and durable consumer goods output continued to decline, falling 6.6% for the second consecutive month.

Spain’s industrial production rose by 1.8% year-on-year in March 2026, following a downwardly revised 0.9% fall in February. This marks the first increase in industrial activity since last November, reflecting improved performance across consumer goods (3.2% vs 0.2% in February), of which non-durables (4.2% vs 0.7%); capital goods (3% vs 0.7%), and intermediate goods (1.8% vs -2.7%). Conversely, output declined for energy (-1.9% vs -1.6%). On a seasonally adjusted monthly basis, industrial activity surged by 2.3% in March, rebounding from a 0.1% decline in the prior month and recording the strongest growth since December 2024. Intermediate goods, capital goods, and energy were the key drivers, increasing by 3.1%, 2.9%, and 1.9%, respectively.

Industrial production in Spain decreased by 1.1% year-on-year in February 2026, following a revised 0.2% fall in January and missing market forecasts of a 1.5% rise. This marks the third consecutive of downturn in industrial activity and the steepest in a year, amid lower production of durable consumer goods (-6.3% vs -9.7% in January), intermediate goods (-2.7% vs -3.1%) and energy (-1.5% vs 4.8%). At the same time, output remained flat for capital goods while it rebounded for non-durable consumer goods (0.6% vs -1.7%). On a seasonally adjusted monthly basis, industrial activity edged down by 0.1%, after an upwardly revised 0.7% fall in January.