FX.co ★ Sweden Services PMI Expands to Over 3-Year High

The Services PMI in Sweden rose to 57.7 in September 2025, up from a revised 53.8 in the previous month. This marks the second successive month of expansion, and the most robust growth observed since August 2022. The increase was largely driven by a significant rise in business volume, which surged to 62 from 54 in August, and an improvement in delivery times, which climbed to 57.2 from 54. Additionally, employment figures improved, reaching 52.9 from 45.3, stepping into expansion territory for the first time in over a year. On the pricing front, inflationary pressures eased, as evidenced by the drop in the index for raw and intermediate goods, which fell to 53.5 from 55.8. "The service sector has struggled to establish itself in the growth zone, yet it is now indicative of a clear recovery. However, caution should be maintained as the September figures should not be overinterpreted. The combination of lower interest rates from the Riksbank and expansionary fiscal policies could bolster the service sector in the long term, which may be reflected in the strong September data," remarked Jörgen Kennemar, an analyst at Swedbank.