Spain’s seasonally adjusted industrial confidence indicator fell further to -5 in April 2026, the lowest since August 2025, from the upwardly revised -4.3 in the prior month. This reflected weaker production expectations (-2.4 vs 1 in March) amid sustained pressure on order books (-9.5 vs -9.5). Export orders also fell sharply (-26.2 vs -17.9) and stock levels declined (3.1 vs 4.4). Furthermore, the inflation outlook worsened, with price pressures expected to climb (26.5 vs 20.6).