The seasonally adjusted industrial confidence indicator in Spain came in at -1.6 in September 2026, up from -3.8 in the prior month. Although the indicator remained slightly below the neutral level, it reached its highest level since April 2023. It also remained above its long-term average. The 2.2-point monthly rise mainly reflected positive production expectations (+4.5 points), which partly offset the negative order-book balance (-5.3 points) and stock level (+4.1 points).