Spain Industrial Production

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Source: Instituto Nacional de Estadistica
Source Link: https://ine.es/
Frequency: Monthly
Next Release(s): December 5th, 2025 3:00 AM

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Spain Industrial Production: September 2025 2025-11-06 03:00
Spain’s industrial production fell -0.1% MoM, the second straight monthly decline, and rose +3.4% YoY in August 2025 (seasonally and calendar adjusted), up 0.7 pp from July, reflecting moderate underlying strength despite weak raw data growth.
- Capital Goods led annual growth at +4.9% YoY, also the only major sector to rise on a monthly basis (+2.6% MoM).
- Consumer Goods output increased +3.9% YoY, with Non-Durables up +4.4% while Durables contracted -1.1%.
- Energy production grew +3.7% YoY, showing solid momentum after a slower July.
- Intermediate Goods output was flat, rising just +0.4% YoY but falling -1.5% MoM, indicating continued manufacturing weakness.
- The overall trend suggests moderate industrial expansion led by investment-related sectors, while consumer durables and intermediate goods remain soft.
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Spain’s industrial production rose 2.5% YoY in July 2025 (seasonally and calendar adjusted), slowing to -0.5% MoM, while the unadjusted YoY rate came in at 2.3%.
- The adjusted YoY rate of +2.5% was 0.6pp higher than in June, showing stronger annual growth momentum.
- The unadjusted YoY rate of +2.3% was 2.2pp lower than in June, reflecting a softer pace in raw data terms.
- By sector (adjusted), Energy posted the strongest YoY growth at +5.8%, while Capital Goods fell -1.6% YoY.
- Consumer Durables rose +2.6% YoY (adjusted), with Consumer Non-Durables steady at +2.0% YoY.
- Intermediate Goods gained +2.0% YoY, pointing to modest industrial supply chain activity.
- On a MoM basis, industrial output fell -0.5%, reversing part of June’s gain; Capital Goods recorded the sharpest drop (-3.6% MoM), while Consumer Durables were the only positive contributor (+1.3% MoM).
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Spain’s industrial production rose 2.3% YoY and 1.0% MoM in June 2025 (seasonally and calendar adjusted), accelerating from May. The unadjusted YoY rate came in higher at 4.9% YoY.
- Energy output led with +7.5% YoY growth (adjusted), while Consumer Durables posted the weakest gain at +0.1% YoY.
- Capital Goods rose +4.7% YoY, followed by Consumer Non-Durables (+1.3% YoY) and Intermediate Goods (+0.8% YoY).
- The adjusted MoM increase of 1.0% was 0.5pp higher than in May.
- The unadjusted index rose 4.9% YoY, up from -1.0% YoY in May.
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Spain’s industrial production rose 1.7% YoY in May 2025, while increasing 0.6% MoM, signaling an acceleration from April. The unadjusted YoY rate remained negative at -0.8%.
- Consumer Non-Durables led annual gains at +2.5% YoY, while Intermediate Goods were flat (0.0% YoY).
- Energy output rose 2.2% YoY and 2.1% MoM (adjusted), the strongest monthly sector performance.
- Consumer Durables fell -0.5% MoM and posted a modest +1.0% YoY gain (adjusted).
- The unadjusted YoY IPI rate improved from -5.7% in April to -0.8% in May.
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Spain’s industrial production rose 0.6% YoY in April on a seasonally and calendar-adjusted basis, but fell -0.8% MoM, signaling a softening in momentum.
- The unadjusted YoY rate dropped sharply to -5.7%, down from +8.5% in March.
- Durable consumer goods rose 1.5% YoY, the highest among sectors; non-durables rose 0.8% YoY.
- Capital goods, intermediate goods, and energy all posted 0.6% YoY gains on an adjusted basis.
- Energy production led monthly declines at -5.5% MoM, while non-durable consumer goods rose 0.7% MoM.
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Spain’s industrial production rose 0.9% MoM and 1.0% YoY in March, up from a -1.9% YoY decline in February.
- The unadjusted YoY growth surged to 8.5%, up from -2.4% YoY in February.
- Energy output led with a 6.8% YoY and 3.2% MoM increase (adjusted).
- Intermediate goods rose 1.1% YoY, while capital goods ticked up just 0.1% YoY.
- All sectors saw MoM gains, but consumer goods overall were down -1.7% YoY.
- Consumer non-durables declined -1.2% YoY and rose just 0.1% MoM; durables were flat YoY.
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Spain’s industrial production but fell -1.9% YoY in February, down from -1.2% YoY in January and much worse than the -0.1% YoY estimate.
- The annual decline is the weakest since December 2023.
- On a monthly basis, industrial production rose 0.7% in February, rebounding from a -1.2% decline in January.
- Capital goods output dropped -4.0% YoY but rose 1.7% MoM.
- Energy was the only sector with YoY growth, up 0.5%.
- Consumer goods declined -2.3% YoY, with non-durables down -2.3% and durables down -1.2%.
- Intermediate goods output fell -0.7% YoY.
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Spain’s industrial production declined -1.0% MoM and -1.0% YoY in January after a 2.0% MoM increase in December.
- Capital goods production saw the largest decline, down -1.6% MoM and -4.7% YoY.
- Durable consumer goods production saw the largest increase, up 3.0% YoY and 3.4% YoY.
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Spanish industrial production was up 0.9% MoM (the largest monthly increase since November 2023) and 2.1% YoY, beating expectations of an 0.5% MoM increase, in December.
- Consumer goods production advanced 3.2% MoM, and intermediate goods production was up 2.6% MoM. Capital goods production grew slower at 0.8% MoM.
- In 2024 as a whole, industrial production was up 0.7%.
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Spain’s industrial production fell -0.8% MoM and -0.4% YoY in November, the largest monthly decline since March. Only consumer durables increased at 1.4% MoM while capital goods and energy saw the largest declines at -1.8% MoM and -1.5% MoM respectively. On an annual basis, consumer goods production growth was positive at 1.1% while capital goods production growth was negative at -2.8% YoY.

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