Sweden Services PMI

The Services PMI in Sweden fell to 54.3 in January 2026 from a downwardly revised 56.3 in the previous month. This marked the softest pace of growth since August 2025 and brought the index below its historical average of 55.6. All major sub-indices declined, led by new orders, which dropped to 55.2 from 59.5 in December, reaching a six-month low. The business volume index (56.1 vs 56.6), employment index (49.7 vs 49.8), and delivery times index (55.2 vs 56.5) also fell. Additionally, price pressures in the services sector intensified, with the index for raw and intermediate goods prices rising to 60.1, the highest level in a year, from 59.5 in December. Jörgen Kennemar, responsible for PMI analysis, said, “It is too early to determine whether it is a temporary slump or not. Companies are still optimistic in their business plans, which suggests that it is a temporary slowdown."

The Services PMI in Sweden fell to 56.7 in December 2025, from an upwardly revised 59.2 in November, which had marked the highest level since June 2022. Despite the fall, the index remained above its historical average of 55.6 for the fourth month. The largest negative contribution came from business volume, with the sub-index dropping to 57 from 65.6 in November. The delivery times index (57.1 vs 59.6) and the order backlog index (57.7 vs 58.3) also declined, while the employment index returned to negative territory (49.8 vs 50). Moreover, the index for raw and intermediate goods prices rose to an 11-month high (59.2 vs 57.5), indicating persistent price pressures in the sector. "Despite a weaker finish, the sector gained momentum in Q4. Lower interest rates and increased consumption and investment needs have begun to affect service companies and their business plans to an extent we have not seen since the first half of 2022,” said Jörgen Kennemar, responsible for the PMI analysis.

The Services PMI in Sweden climbed to 59.1 in November from an upwardly revised 55.9 in October, reaching its highest level since June 2022 and marking a third straight month above the long-term average. Business volumes rebounded sharply to 65.2 from 55.3, alongside continued strength in new orders (59.5 vs 60). Order backlogs also expanded notably, hitting 58.9, their strongest level in over three years. Firms’ output plans remained firmly optimistic, rising to 67.8 from 64.9, signaling broad expectations of increased activity over the next six months. However, hiring remained subdued as the staying slightly below the 50 threshold at 49.9, despite improving from 47.6. Price pressures intensified, with input cost inflation picking up as the index rose to 57.2, the highest in eight months. Swedbank analyst Jörgen Kennemar said the services sector recovery has strengthened this autumn, with lower interest rates and rising demand shaping companies’ business plans.