Spain Industrial Activity Rebounds Less than Anticipated

Industrial production in Spain rose by 0.3% year-on-year in January 2026, following a 0.3% decrease in December but below the market consensus of 1.7%. Stronger energy output (5.6% vs 4% in December) and a turnaround in capital goods (2% vs -1.4%) were key drivers of the rebound. On the other hand, output declined for durable consumer goods (-8.6% vs -3.9%), non-durable consumer goods (-1.8% vs 0.4%) and intermediate goods (-2.3% vs -1.8%). On a seasonally adjusted monthly basis, industrial activity fell by 0.4% in January, after a revised 2.4% drop in the preceding month.

Spain’s industrial production fell by 0.3% year-on-year in December 2025, the first decrease since February 2025, after an upwardly revised 4.6% rise in the prior month. The pullback was driven by declines in durable consumer goods (-2% vs -3.3% in November); intermediate goods (-1.6% vs 3.2%) and capital goods (-0.8% vs 1.5%). At the same time, output growth slowed for energy (3.9% vs 7.4%) and non-durable consumer goods (0.8% vs 3.8%). On a seasonally adjusted monthly basis, industrial activity shrank by 2.5% in December, following an upwardly revised 1.1% rise the month before. For the year 2025 as a whole, Spanish industrial production grew by an average of 1.3%.

Spain’s industrial production expanded by 4.5% year-on-year in November 2025, sharply accelerating from a 1.2% increase in October and marking the strongest growth since July 2022, primarily driven by robust gains in energy output (7.2% vs. 3.8%), non-durable consumer goods (4.0% vs. 0.4%), and intermediate goods (3.2% vs. 1.7%). Capital goods production also returned to growth, rising 0.9% after a 1.5% decline in the previous month. In contrast, output of durable consumer goods fell by 3.3%, reversing October’s 0.9% increase. On a month-on-month basis, industrial activity grew by 1.0% in November, building on a 0.6% rise in October.