Spain’s industrial production expanded by 4.5% year-on-year in November 2025, sharply accelerating from a 1.2% increase in October and marking the strongest growth since July 2022, primarily driven by robust gains in energy output (7.2% vs. 3.8%), non-durable consumer goods (4.0% vs. 0.4%), and intermediate goods (3.2% vs. 1.7%). Capital goods production also returned to growth, rising 0.9% after a 1.5% decline in the previous month. In contrast, output of durable consumer goods fell by 3.3%, reversing October’s 0.9% increase. On a month-on-month basis, industrial activity grew by 1.0% in November, building on a 0.6% rise in October.
