Sweden Manufacturing Growth Slightly Softens

Sweden’s Swedbank Manufacturing PMI rose to 56.1 in February 2026 from a revised 55.9 in January, marking its highest level since March 2022 and remaining above its long-term average of 54.3 for an eighth consecutive month. This signaled continued expansion in the industrial sector, driven mainly by stronger production (59.3 vs 57.8 in January) and higher employment (54.5 vs 53.6), both staying above historical norms. New orders remained robust despite easing slightly (59.6 vs 59.7). Order backlogs moderated (54.2 vs 59.4), alongside export orders (56.3 vs 57.2). Firms’ production plans for the next six months stayed elevated at 65.3, pointing to sustained optimism about economic conditions. Meanwhile, the supplier raw material and input price index fell to 56.5 from 58.2, indicating easing cost pressures, although price levels remain elevated amid higher global commodity prices, particularly industrial metals.

Sweden’s Swedbank Manufacturing PMI rose to 56.0 in January 2026 from a revised 55.4 in December, remaining above its long-term average of 54.3 for a seventh consecutive month. This marks the strongest expansion since March 2022, driven by stronger new orders (59.6 vs 57.5 in December) and higher employment (53.5 vs 50.6). By contrast, production eased slightly (57.5 vs 58.4), while delivery times (54.4 vs 54.9) and inventory purchases weighed modestly on the headline index. Production plans strengthened to a three-month high (67.1 vs 65.8), signaling confidence in near-term activity. On the price front, the raw material and input price index rose for an eighth straight month to 58.4, its highest level in over three years and above the historical average, reflecting rising global commodity prices, particularly industrial metals such as copper. Despite geopolitical uncertainty and a stronger krona, manufacturers reported resilient conditions.

Sweden’s Swedbank Manufacturing PMI rose to 55.3 in December 2025 from 54.7 in November, extending its run above the long-term average of 54.3 to a sixth month and signaling a strong finish to the year. The uptick was led by stronger production (58.5 vs 57.6) and improving demand conditions, as new orders increased further (57.0 vs 56.7), supported by both export and domestic markets. Supplier delivery times lengthened (55.1 vs 53.1), reflecting solid activity rather than supply-chain stress. In contrast, employment edged lower (50.3 vs 51.6), while inventories of purchased materials declined further (47.6 vs 49.8). On the price front, input costs rose for a seventh consecutive month (57.4 vs 54.0), nearing the historical average and signaling gradually increasing cost pressures. Despite a weak eurozone backdrop, particularly in Germany, manufacturers’ production expectations remained elevated (65.7 vs 66.6), underscoring confidence in the near-term outlook.