Spain’s seasonally adjusted industry confidence indicator edged up to -4.9 in July 2025, from -5.2 in the previous month, signaling a modest improvement in sentiment. The uptick was driven by a rebound in production expectations, which rose to 1.8 from -1.5 in June. However, the gains were partially offset by further deterioration in order books, which fell to -9.6 from -9.1, and an increase in inventories of finished products, up to 6.8 from 4.9, suggesting continued demand-side weakness.