Sweden's Swedbank Manufacturing PMI increased to 53.1 in May 2019, the highest since November last year, from 50.9 in April and above market expectations of 50.6. The sub-index for new orders was the biggest contributor to the increase (55.0 vs 51.4) followed by purchases of inventories (50.0 vs 55.9) and employment (52.0 vs 49.3). Meanwhile, the production sub-index was unchanged at 54.7. Looking ahead, the gauge measuring output expectations went up to 63.1 in May from 62.1 in the previous month. Manufacturing PMI in Sweden averaged 54.67 from 1994 until 2019, reaching an all time high of 70.40 in November of 1994 and a record low of 34 in December of 2008.
Manufacturing PMI in Sweden is expected to be 53.40 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in Sweden to stand at 54.00 in 12 months time. In the long-term, the Sweden Manufacturing PMI is projected to trend around 54.00 in 2020, according to our econometric models.