FX.co ★ Sweden Manufacturing Growth Steepest Since 2022

Swedbank's Manufacturing PMI for Sweden increased to 56.0 in January 2026, up from a revised 55.4 in December, continuing its trend of exceeding the long-term average of 54.3 for the seventh consecutive month. This notable growth represents the most significant expansion since March 2022, bolstered by an uptick in new orders, which grew to 59.6 from 57.5 in December, and an increase in employment, rising to 53.5 from 50.6. However, production experienced a minor decline, easing to 57.5 from 58.4. Meanwhile, delivery times slightly softened to 54.4 from 54.9, and inventory purchases imposed a subtle drag on the overall index. Production plans saw a notable rise to a three-month high of 67.1 from 65.8, indicating optimism in near-term business activities. Regarding prices, the raw material and input cost index climbed for the eighth consecutive month to 58.4, reaching its highest point in over three years and surpassing historical averages. This increase is due to rising global commodity prices, especially for industrial metals like copper. Despite challenges such as geopolitical uncertainties and a stronger krona, manufacturers reported robust operational conditions.