Sweden Manufacturing Growth Eases to 7-Month Low

Sweden’s Swedbank Manufacturing PMI fell to 55.8 in July 2026 from a downwardly revised 58 in the previous month, marking the lowest level since December 2025 but remaining above its long term average of 54.3. The slowdown was mainly due to weaker order intake (57.5 vs 58.8 in June), production (56.9 vs 59.4), and employment (55.9 vs 57.3). Moreover, suppliers’ delivery times shortened to 60 from 62.7, while inventories increased to 58.2 from 53.6. Export and domestic orders also declined to 54.5 and 54.6, respectively. On the price front, the index measuring suppliers’ raw material and input prices declined sharply to 67.3 from 80.4 a month ago. Manufacturers also became less optimistic, with the production plan index dropping to 65.7 from 68.3, below the 70 threshold, amid concerns that renewed Middle East tensions could reignite cost pressures despite easing input prices.

Sweden's Swedbank Manufacturing PMI rose to 58.3 in June 2026 from an upwardly revised 57.4 in May, marking its highest level since January 2022 and extending its run above the long-term average to 12 consecutive months. The improvement was driven by stronger production (59.9 vs 58.4 in May) and order intake (58.9 vs 56.2). Meanwhile, employment softened to 57.5 from 58.9, while suppliers' delivery times shortened slightly to 63.5 from 63.8. Export and domestic orders rose to 55.4 and 57.6, respectively. On the pricing front, the index measuring suppliers' raw material and input prices rose slightly by 0.1 point to 81.3. Manufacturers became less optimistic, with the production plans index edging down to 68.8 from 70.2, below the 70 threshold, as persistent input cost pressures raised concerns that they could become inflationary and pose a challenge for manufacturers over time.

Sweden's Swedbank Manufacturing PMI edged up to 57.3 in May 2026 from a downwardly revised 57.0 in April, extending its streak above the long-term average to eleven straight months. It was also the highest reading since February 2022, supported by stronger production (58.1 vs 57.7 in April) and employment (59.1 vs 55.5). Meanwhile, order intake softened to 55.8 from 58.9, while suppliers' delivery times lengthened slightly to 64.1 from 64. On the pricing front, the index measuring suppliers' raw material and input prices fell by 0.4 points to 81.6. Looking ahead, manufacturers remained highly optimistic, with the production plans index edging up to 70.7 from 70.3, marking the second straight month above the 70 threshold. According to Jörgen Kennemar, the Swedish industrial sector continues to strengthen and remains stronger than many of its international peers, while Middle East-related supply disruptions and higher raw material costs have yet to significantly affect production plans.