Industrial Survey
The Industrial Survey is a monthly business opinion survey designed to capture trends in industrial activity and expectations of entrepreneurs. Carried out since 1998 and currently conducted in partnership with 25 Federations of Industry, the Industrial Survey generates results by company size, geographic regions and activity sectors of Manufacturing and Mining and quarrying industries.
Industrial production advances, but employment recedes and expectations worsen
As usual for this period, industrial activity decreased compared to previous months in November. In 2025, it is notable that the slowdown in industrial activity was significant, with a substantial decrease in the production index. It's worth highlighting that, at the same time, the Industrial Capacity Utilization, which had already been lower than 2024, also fell below the level registered in 2023 – to 70%, marking the lowest percentage for the month since 2019, when it was also 70%. Notably, even after this considerable cooling down of activity in November, stockpiles varied little, disappointing production sales, as entrepreneurs believe that the ending of November's level and stockpiles exceeded the planned one.
December 17, 2025
