Sweden Services PMI Expands to Over 3-Year High

The Services PMI in Sweden climbed to 57.7 in September 2025 from an upwardly revised 53.8 in the previous month, marking the second consecutive month of expansion. This was the strongest growth recorded since August 2022, primarily driven by a sharp increase in business volume (62 vs 54 in August) and delivery times (57.2 vs 54), along with a notable improvement in employment (52.9 vs 45.3), which entered expansion territory for the first time in over a year. On the price front, inflationary pressures moderated as the index for raw and intermediate goods (53.5 vs 55.8) declined. "The service sector has had difficulty establishing itself in the growth zone but is now showing signs of a clear recovery, although the September outcome should not be overinterpreted. Lower interest rates from the Riksbank and an expansionary fiscal policy may in the long term lift the service sector, something that may be reflected in the strong September figures," says Jörgen Kennemar, a Swedbank analyst.