Sweden Manufacturing Growth Slows in November

Sweden’s Swedbank Manufacturing PMI rose to 56.3 in March 2026 from 56.0 in February, remaining above its long-term average for the ninth consecutive month. This marks the highest reading since March 2022, supported by higher employment (57.9 vs 54.9 in February) and inventory purchases (51.4 vs 53.6). Meanwhile, suppliers’ delivery times lengthened sharply (58.7 vs 52.4), reflecting supply bottlenecks, while new orders also declined (54.6 vs 59.0), marking the largest negative contribution in 20 months. Export and domestic orders moderated to 52.2 and 53.9, respectively, while order backlogs remained stable at 52.9. Firms’ production plans for the next six months stayed elevated at 67.8, reflecting sustained optimism. On prices, the supplier raw and input price index jumped 9.6 points to 67.2, the highest since October 2022, driven by rising global energy costs amid the Middle East conflict.

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.