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).