The Services PMI in Sweden dropped to 45.7 in February 2023, the first contraction since May 2020 and from a downwardly revised 50.8 in the previous month. The downturn was mainly due to the sharp decrease in new orders (39.8 vs 47.3 in January), while business volume ticked lower (44.5 vs 45.6). Additionally, employment fell below the growth zone of 48.5 (vs 59.5), for the first time in two years. On prices, input prices declined to 65.7 (vs 70.1), the lowest reading since December 2020 but remained above the historical average of 58.1. The PMI analyst at Swedbank noted that the economic decline is making a deeper impression on the service sector which increases the risk of growing unemployment. source: Swedbank

Services PMI in Sweden averaged 56.27 points from 2006 until 2023, reaching an all time high of 70.80 points in September of 2021 and a record low of 34.00 points in January of 2009. This page provides the latest reported value for - Sweden Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Sweden Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on March of 2023.

Services PMI in Sweden is expected to be 49.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Sweden Services PMI is projected to trend around 54.50 points in 2024 and 53.40 points in 2025, according to our econometric models.

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Sweden Services PMI



Related Last Previous Unit Reference
Services PMI 45.70 50.80 points Feb 2023
Manufacturing PMI 47.00 47.00 points Feb 2023

Sweden Services PMI
In Sweden, the Swedbank’s Services PMI measures the performance of the service sector and is derived from a survey of 200 companies. The index tracks variables such as New Orders (35 percent of total weight), Business Volume (25 percent), Employment (20 percent) and Suppliers’ Delivery Times (20 percent). A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
45.70 50.80 70.80 34.00 2006 - 2023 points Monthly
SA

News Stream
Swedish Service Sector Contracts for 1st Time in 2 Years
The Services PMI in Sweden dropped to 45.7 in February 2023, the first contraction since May 2020 and from a downwardly revised 50.8 in the previous month. The downturn was mainly due to the sharp decrease in new orders (39.8 vs 47.3 in January), while business volume ticked lower (44.5 vs 45.6). Additionally, employment fell below the growth zone of 48.5 (vs 59.5), for the first time in two years. On prices, input prices declined to 65.7 (vs 70.1), the lowest reading since December 2020 but remained above the historical average of 58.1. The PMI analyst at Swedbank noted that the economic decline is making a deeper impression on the service sector which increases the risk of growing unemployment.
2023-03-03
Swedish Service Sector Growth Weakest Since 2020
The Services PMI in Sweden fell to 51 in January 2023 from 52.9 in December, pointing to the lowest reading since May 2020. Among the sub-indexes, the weakest developments were seen in business volume (46 vs 52.9 in December) and new orders (48.3 vs 47.7), which were both below the 50 threshold. Meanwhile, employment remained at historically high levels of 60, suggesting continuous increased need for new hires in the service sector. On the price front, input prices edged lower (71.1 vs 72.4), but still well-above its historical average of 58. The PMI analyst at Swedbank noted that the service sector continued to weaken and the full effects of a weaker industrial economy and reduced domestic demand is likely not yet seen.
2023-02-03
Sweden Service Sector Growth Eases for 2nd Month
The Services PMI in Sweden fell to 53.0 in December 2022 from 54.3 in November, marking its second month of slowdown in service activity. Among the sub-indexes, employment accounted for the largest decline (60.9 vs 66.4 in November), suggesting widespread need for new hires in the larger service firms. Meanwhile, new orders fell below the 50 mark for the first time in two years (47.7 vs 50.1), while delivery times slowed (54.4 vs 56.2). On the price front, input prices rose further (73.0 vs 72.1) and well above the historical average of 58. The PMI analyst at Swedbank noted that the latest reading showed that the service sector continues to be dampened, and the full effects of weaker industrial economy, lower housing construction and shrinking household consumption are not yet seen.
2023-01-04