Spain Industrial Production Growth Slows

Spain's industrial production lost momentum in June, increasing 1.1% year-on-year, the weakest annual gain in four months, following a downwardly revised 3.1% rise in May. Growth remained concentrated in energy (+3.8%) and intermediate goods (+3.1%), while output contracted for capital goods (-0.3%) and consumer goods (-1.4%). On a monthly basis, industrial production declined 0.7%, more than offsetting May's 1.0% increase.

Spain’s industrial production increased by 3.4% year-over-year in May 2026, following an upwardly revised 2.3% rise in the prior month. This marked the third consecutive monthly increase in the country's industrial activity and the strongest since November 2025, supported by the production of intermediate goods (5.4% vs 2.2% in April), energy (5.1% vs 2.5%) and capital goods (3.9% vs 4.1%). Conversely, output declined for consumer goods (-1% vs -0.4%), of which durable (-4.2% vs -6.4%) and non-durable goods (-0.7% vs 0.3%). On a seasonally adjusted monthly basis, industrial activity rose by 1.2% in May, rebounding from a downwardly revised 0.3% decline in the prior month. The turnaround was driven by a recovery in energy (3.8% vs -0.8%) and intermediate goods (2% vs -0.3%) output, while capital goods production posted a modest increase (0.3% vs 0%).

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.