Spain’s industrial production increased by 3.4% year-over-year in May 2026, following an upwardly revised 2.3% rise in the prior month. This marked the third consecutive monthly increase in the country's industrial activity and the strongest since November 2025, supported by the production of intermediate goods (5.4% vs 2.2% in April), energy (5.1% vs 2.5%) and capital goods (3.9% vs 4.1%). Conversely, output declined for consumer goods (-1% vs -0.4%), of which durable (-4.2% vs -6.4%) and non-durable goods (-0.7% vs 0.3%). On a seasonally adjusted monthly basis, industrial activity rose by 1.2% in May, rebounding from a downwardly revised 0.3% decline in the prior month. The turnaround was driven by a recovery in energy (3.8% vs -0.8%) and intermediate goods (2% vs -0.3%) output, while capital goods production posted a modest increase (0.3% vs 0%).