Spain’s industrial production rose by 1.8% year-on-year in March 2026, following a downwardly revised 0.9% fall in February. This marks the first increase in industrial activity since last November, reflecting improved performance across consumer goods (3.2% vs 0.2% in February), of which non-durables (4.2% vs 0.7%); capital goods (3% vs 0.7%), and intermediate goods (1.8% vs -2.7%). Conversely, output declined for energy (-1.9% vs -1.6%). On a seasonally adjusted monthly basis, industrial activity surged by 2.3% in March, rebounding from a 0.1% decline in the prior month and recording the strongest growth since December 2024. Intermediate goods, capital goods, and energy were the key drivers, increasing by 3.1%, 2.9%, and 1.9%, respectively.