Sweden Manufacturing Growth Steepest Since 2022

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.

Sweden’s Swedbank Manufacturing PMI slipped to 54.6 in November 2025 from 55.1 in the previous month. The latest figure remained above its 54.3 long-term average for a fifth month but marked the lowest reading since July, largely due to a pullback in production (57.6 vs 60.5) and slightly slower delivery times (52.7 vs 53.2). Meanwhile, new orders strengthened further to 56.7, supported by firmer domestic demand, while employment edged higher to 51.6, keeping hiring in growth territory. Inventories were broadly stable at 49.9, but order backlogs surged to 58.7, the highest since early 2022. On prices, input costs rose again to 53.4, though still well below the historical average, pointing to subdued cost pressure. Despite weak eurozone conditions, especially in Germany, production plans remained strongly optimistic at 66.7, signaling confidence in the near-term outlook.