Sweden’s services activity expanded at a slower pace in December, though it maintained strong growth momentum, survey results from Swedbank and the logistics association Silf showed on Wednesday.
The purchasing managers’ index, or PMI, for the services sector dropped to 56.7 in December from 59.2 in November. However, a reading above 50 indicates expansion in the sector. That was also above its historical average of 55.6.
“Lower interest rates and increased consumption and investment needs have begun to have an impact on service companies and their business plans to an extent we have not seen since the first half of 2022,” Swedbank analyst Jorgen Kennemar said.
Among components, business volume contributed the largest decline in the PMI services, followed by delivery times and employment, while the order backlog index rose to its third-highest level in 2025.
Price pressures intensified at the end of the year, as the raw and intermediate goods prices rose to an 11-month high of 59.2 from 57.5 in November.
The composite PMI decreased to 56.3 in December from 57.9 in November, but it is still higher than the historical average of 55.1. The Swedish business sector clearly improved during the fourth quarter, while the recovery in the labor market is delayed.
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