FX.co ★ Swedish Factory Activity Growth Hits 4-Month High

In March 2025, the Swedbank Manufacturing PMI for Sweden experienced a slight uptick, reaching 53.6 compared to 53.5 in February, marking its highest point since last November. This rise was primarily attributed to a notable enhancement in the production sub-index, which increased to 59.2 from 54.6 in February. Inventory stocks continued their expansion, albeit at a slightly reduced rate (51.9 compared to 52.5 previously), as did order intake (53.6 vs. 54.6) and employment figures (53.1 vs. 54.4). Conversely, delivery times saw a contraction, dropping to 49 from 52.3. Meanwhile, the index measuring suppliers' raw and input prices surged to 57.2, the highest level in eleven months, up from 53.2. "The Swedish industrial sector persists in its expansionary trajectory, undeterred by tariff increases and geopolitical uncertainties thus far. Nonetheless, heightened risks loom due to the imposition of US tariffs on the European automotive industry," remarked Jörgen Kennemar, Swedbank’s PMI analyst.