FX.co ★ Sweden Services Activity Eases to 5-Month Low

In January 2026, Sweden's Services PMI experienced a decline, falling to 54.3 from a revised 56.3 recorded in December. This represented the most modest growth rate since August 2025, positioning the index below its long-term average of 55.6. Each significant sub-index demonstrated a decrease, predominantly driven by a drop in new orders, which fell to 55.2 from 59.5 the previous month, marking its lowest level in six months. Furthermore, the business volume index decreased to 56.1 from 56.6, the employment index dipped slightly to 49.7 from 49.8, and the delivery times index declined to 55.2 from 56.5. Concurrently, the service sector faced increased price pressures, as evidenced by the index for raw and intermediate goods prices climbing to 60.1, the highest in a year, up from 59.5 in December. Jörgen Kennemar, in charge of PMI analysis, remarked, “It is premature to ascertain whether this is merely a temporary dip. Companies remain optimistic in their business planning, indicating this could be a short-term slowdown.”