Spain’s seasonally adjusted industry confidence indicator rose to -3.0 in November 2025, up from -5.4 in October, marking its highest level since September 2024. There was an increase in new order inflows (-7.9 vs. -12.9) and a moderation in stock levels (5.3 vs. 9.2), while output expectations softened slightly, declining to 4.2 from 5.9.