Spain Industrial Performance Disappoints

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.

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%.