Spain Business Confidence

Data Sentiment

Source: Ministry of Industry, Trade and Tourism
Source Link: https://industria.gob.es/
Frequency: Monthly
Next Release(s): September 29th, 2025 6:00 AM

Latest Updates

Spain’s industrial confidence (ICI) fell -1.1 pts to -5.2 in June 2025, driven by a deterioration in order books and a small drop in production expectations.
- Order book balance dropped to -12.2 from -10.3 in May.
- Production expectations eased further into negative territory, dropping -1.5 pts to -1.6.
- Inventories remained in a decline, dropping 2.3 pts to -9.1.
- Employment expectations were basically flat for the fourth straight month at 0.6.
- Price expectations increased 2.3 pts to 8.1, a three month high.
Spain’s Industrial Climate Indicator (ICI) edged down -0.1 pts to -4.2 in May 2025, remaining slightly above its long-term average despite persistent weakness in order books and stagnant production expectations.
- The order book subindex dropped -0.8 pts to -6.8, while production expectations declined -0.9 pts to 0.0.
- The inventory subindex improved 1.3 pts to 5.9, reflecting slightly leaner stock levels.
- Among goods categories, the ICI for capital goods fell -3.3 pts to -1.9, while intermediate goods rose slightly to -5.2 (+0.3 pts) and consumer goods improved +1.5 pts to -4.1.
- Employment expectations rose slightly to +1.1, up 0.1 pts MoM and +3.7 pts YoY, while price expectations remained unchanged at +5.0.
- The labour hoarding indicator increased to 5.9%, suggesting moderate uncertainty in production planning despite easing from late-2024 peaks.
Spain’s industrial climate indicator increased 0.7 pts to -4.1 in April.
- The order book subindex improved 5.3 pts to -6.0, the highest so far in 2025.
- The production expectations index eased -0.2 pts to 1.0.
- The inventory level subindex improved 1.9 pts to 7.2, the highest since November 2024.