FX.co ★ Spanish Industrial Output Swings into Contraction in December, Snapping November Surge

Spain’s industrial sector moved back into contraction at the end of 2025, with industrial production falling 0.3% year-over-year in December, according to data updated on 6 February 2026. The decline marks a sharp reversal from November 2025, when output had expanded by 4.6% compared with the same month a year earlier.

The December figure, measured on a year-over-year basis, compares activity in December 2025 to December 2024, while November’s strong reading reflected performance versus November 2024. The swing from solid growth to a mild contraction suggests that November’s strength was not sustained into year-end, raising questions about the momentum of Spain’s industrial recovery heading into 2026.

The latest data underscore the volatility in industrial performance, a key component of Spain’s broader economic outlook. Markets and policymakers will be watching upcoming monthly releases closely to determine whether December’s setback is temporary or the start of a more persistent slowdown in industrial activity.