The seasonally adjusted industrial confidence indicator in Spain fell further to -3.9 in August 2026, the lowest since April, from -2.6 in the preceding month. The 1.3-point monthly decline reflected a 2.8-point increase in stock levels and a 1.4-point decrease in production expectations, partly offset by a 0.3-point rise in the order-book indicator. The latter reached its highest level since April 2023, standing 3.5 points above its average since 2024 and well clear of the depressed levels seen in the second half of 2023. Production expectations, the only forward-looking component of the three underlying measures, declined for a second consecutive month, falling below their long-term average. Even so, the ICI remains above its long-term average, as it has consistently done since December 2023, and is 2.2 points higher than in August 2025.