Coface: Spanish industry exceeds pre-crisis levels
In an analysis published on September 24, 2026, credit insurer Coface examines the drivers of Spanish industry's resilience compared to its European counterparts. The study is based on three main levers: industrial diversification, labor costs, and the rise of renewable energies.
Manufacturing production above pre-war levels
According to Coface, Spanish manufacturing production has exceeded its levels before the Ukraine war, while Germany and Italy remain behind. The credit insurer attributes this trajectory to a more diversified industrial structure, with dynamics in high value-added sectors (pharmaceuticals, electrical equipment, electronics) as well as in certain energy-intensive industries (paper, plastics, chemicals).
The study also notes that Spain has preserved its export market share within the European Union since 2015, contrary to Germany and France which are declining. Since 2022, the country has shown annual growth two to six times higher than that of the European Union.
Labor costs and energy, two identified assets
Coface emphasizes that the Spanish manufacturing hourly cost remains in 2025 40% lower than that of France and 43% lower than that of Germany, which according to the insurer compensates for a productivity deficit. The study does, however, temper this advantage: between 2022 and 2025, manufacturing hourly labor costs rose by 15% while real productivity gained less than 3%.
On the energy front, Coface notes that renewables accounted for 58% of Spanish electricity in 2024 and that the country is the leading European market for long-term electricity purchase agreements (PPAs), with a quarter of contracted capacities. The insurer, however, points out a lag in grid investment, with Spain investing only $0.30 in its grid for every dollar invested in renewables, compared to approximately $0.70 in most European countries. Coface also cites a Spanish plan for €17.9 billion in additional investments in the electricity grid.
