The Purchasing Managers’ Index (PMI) for Swedish manufacturing stood at 55.3 in December, up from 54.7 in November, and has remained above the historical average of 54.3 for the sixth consecutive month. For the full year 2025, the PMI stands at 54.2, compared with 51.4 in 2024 and 46.0 in 2023.
Sweden’s manufacturing PMI thus continues to outperform those of other countries, as is also evident in Eurostat’s economic surveys. The U.S. PMI fell marginally in December and remains in the growth zone, despite higher tariffs, likely supported by a weaker dollar. In the eurozone, the PMI index declined for the second month in a row and remains below the 50-point mark, which could pose a growing challenge for the Swedish export industry in the long term. It is primarily the German PMI index that is dragging down the eurozone figure; Germany’s PMI index stood at 47.4 in December, its lowest level in 10 months.
– Swedish industry continues to be in an expansionary phase, with index levels that are significantly higher than in the U.S. and the eurozone. “The strengthening of the krona and sluggish global economic conditions have not prevented the industry from growing, although there is a risk of a setback later on,” says Jörgen Kennemar, head of purchasing managers’ index analysis at Swedbank.
Four out of five sub-indices contributed to the rise in the overall PMI, with delivery times, inventory purchases, and production accounting for the largest contributions. The employment sub-index pulled down the overall index, reinforcing the picture of productivity-driven growth. The index for suppliers’ raw material and input prices rose in December for the seventh consecutive month to 57.4, up from 54.0 in November. This is the highest level since July 2024 and not far from its historical average (57.6).
“Normally, price pressure in the industry increases as the economy strengthens and delivery times lengthen. That’s likely what we’re seeing now, although a stronger krona and moderate increases in raw material prices should have a moderating effect,” says Kennemar.
