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.