FX.co ★ Spain Business Confidence Weakens to 4-Month Low

Spain’s seasonally adjusted industrial confidence indicator (ICI) declined to -3.9 in August 2026, its lowest level since April, down from -2.6 in July. The 1.3-point monthly drop was driven by a 2.8-point increase in stock levels and a 1.4-point deterioration in production expectations, partly offset by a 0.3-point improvement in the order-book indicator. Inventories rose for the third consecutive month, while the order-book gauge climbed to its highest reading since April 2023 and now stands 3.5 points above its average since 2024. Production expectations—the only forward-looking component among the three underlying indicators—fell for the second month in a row, slipping below their long-term average. Nevertheless, the overall ICI remains above its long-term average, as it has consistently since December 2023, and is 2.2 points higher than in August 2025.