Capacity Utilization QOQ - SE Economic Data | Sigmanomics
Sweden Capacity Utilization QoQ
Latest Release
-0.6
Actual
0.1
Consensus
-0.3
Previous
Sweden's Capacity Utilization QoQ fell -0.60% in January 2026, missing the 0.10% estimate and marking the weakest reading since November 2024. This represents a deeper contraction from December's -0.30%, signaling persistent industrial slack and ongoing sector challenges. The negative print pressured the SEK and cyclical equities, diverging from the Riksbank's stabilization target as markets await further data. Updated 2/20/26
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Capacity Utilization QOQ - SE
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Key Takeaways: Sweden's capacity utilization fell -0.6% QoQ in January, reversing December's -0.3% and missing estimates. The reading is the weakest since November 2024, highlighting persistent industrial slack.
Sweden Capacity Utilization Slips Further in January: Industrial Slack Deepens
Sweden's capacity utilization rate declined for the second consecutive month, signaling ongoing challenges for the country's industrial sector. The latest data, released February 20, 2026, covers January 2026 and shows a sharper contraction than anticipated.
Sweden's -0.6% capacity utilization print for January 2026 diverges from the Riksbank's stabilization target, which aims for positive quarterly momentum in industrial activity.
Market lens
SEK softened modestly against major peers after the release. Investors interpreted the data as a sign of persistent industrial slack, with equities in cyclical sectors underperforming. The negative print, following December's -0.3%, has reinforced concerns about the pace of Sweden's industrial recovery.
Foundational Indicators
Historical context
January's -0.6% reading marks the lowest since November 2024, when capacity utilization dropped -0.9%. Over the past year, the indicator has fluctuated: February 2025 saw a 0.7% gain, followed by a gradual deceleration to 0.2% in May 2024 and a brief rebound to 0.6% in August 2024. The 12-month average stands at 0.02%.
Comparative figures
- January 2026: -0.6%
- December 2025: -0.3%
- November 2025: -0.2%
- August 2025: 0.4%
- May 2025: 0.5%
- February 2025: 0.7%
Methodology
The indicator measures quarter-over-quarter changes in industrial capacity utilization, sourced from Statistics Sweden and cross-verified with Sigmanomics[1]. Data is seasonally adjusted.
Chart Dynamics
January's -0.6% capacity utilization compares to December's -0.3% and a 12-month average of 0.02%. The indicator has now posted back-to-back negative prints, with the latest figure representing a sharper contraction than both the prior month and the consensus estimate of 0.1%. The last time the reading was this weak was in November 2024, when it hit -0.9%. Over the past six months, only one positive print was recorded, in August 2025 at 0.4%.
Capacity Utilization QoQ trend (Nov 2023–Jan 2026)
What This Chart Tells Us: The persistent negative trajectory in capacity utilization underscores deepening industrial slack. With only one positive quarter in the last half-year, the sector faces mounting headwinds. The data signals a clear loss of momentum, raising questions about the durability of Sweden's industrial rebound.
Forward Outlook
Scenario analysis
Bullish (15–25%): A rebound to positive territory if export demand and domestic investment recover in Q2.
Base case (55–65%): Continued stagnation, with readings hovering near zero as industrial headwinds persist.
Bearish (15–25%): Further declines below -0.6% if global demand weakens or energy costs rise.
Risks and catalysts
Upside risks include a turnaround in European manufacturing and supportive fiscal measures. Downside risks stem from weak global trade and elevated input costs. The Riksbank's policy stance remains a key variable for the sector's trajectory.
Closing Thoughts
Market lens
Equity and currency markets responded with caution to the latest data. The negative print has dampened sentiment in industrials and manufacturing stocks, while the krona's muted reaction reflects broader uncertainty. Investors are watching for signs of stabilization before repositioning.
Key takeaways
Sweden's industrial sector remains under pressure, with capacity utilization falling further below trend. The data highlights the need for vigilance as policymakers and market participants assess the path ahead.
Key Markets Reacting to Capacity Utilization QoQ
Capacity utilization data can influence a range of markets, from Swedish equities to global forex and digital assets. Below are symbols from verified Sigmanomics listings that have shown sensitivity to shifts in Sweden's industrial activity.
AAPL — Indirect exposure via global supply chains and Nordic component suppliers.
EURUSD — Reflects broader European industrial sentiment and risk appetite.
BTCUSD — Sometimes moves on macroeconomic surprises and risk-off flows.
Year
Capacity Utilization QoQ (%)
AAPL (YoY % change)
2020
-2.1
81.9
2021
1.3
34.0
2022
0.8
-26.8
2023
-0.5
48.2
2024
-0.9
49.0
2025
0.7
48.6
Since 2020, AAPL's YoY performance has shown limited direct correlation with Sweden's capacity utilization, but both reflect broader cyclical trends and global demand shifts.
FAQ
What does Sweden's latest Capacity Utilization QoQ reading indicate?
It shows a -0.6% contraction for January 2026, the weakest since November 2024, signaling persistent industrial slack.
How does this impact markets and policy?
The negative print weighed on SEK and industrial equities, and diverges from the Riksbank's stabilization target for the sector.
What is the focus keyword for this report?
Capacity Utilization QoQ
Sweden's industrial sector faces renewed headwinds as capacity utilization falls further below trend.
Updated 2/20/26
This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.
[1] Sigmanomics Economic Database, Sweden Capacity Utilization QoQ, accessed February 20, 2026.
Economic Calendar - SE Events
Thursday, March 12, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Inflation Rate MoM
0.6
0.1
0.6
0.63
Low
07:00
SE
Inflation Rate YoY
0.5
0.5
0.5
0.55
Low
07:00
SE
CPIF YoY
1.7
2
1.7
1.70
Low
07:00
SE
CPIF MoM
0.6
0.3
0.6
0.62
Low
07:00
SE
CPI
0.6
0.1
0.6
0.53
Medium
06:00
SE
CPI
-
0.6
0.6
0.53
Medium
Friday, March 6, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Current Account
78.1
95.1
65
71.55
Low
Thursday, March 5, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
SE
CPI
0.6
0.1
0.8
0.73
Medium
07:30
SE
Services PMI
-
54.3
54
52.63
Low
07:00
SE
House Price Index MoM
-1
-1
-1
-1.00
Low
07:00
SE
Inflation Rate YoY
0.5
0.5
0.3
0.35
Low
07:00
SE
Inflation Rate MoM
0.6
0.1
0.4
0.43
Low
07:00
SE
CPIF YoY
1.7
2
1.7
1.70
Low
07:00
SE
CPIF MoM
0.6
0.3
0.6
0.62
Low
07:00
SE
CPI
0.6
0.1
0.8
0.73
Medium
Wednesday, March 4, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
SE
Services PMI
48.3
53.8
54
52.63
Low
Friday, February 27, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
SE
Consumer Inflation Expectation
-
6.5
6.3
6.37
Low
07:00
SE
GDP Growth Rate YoY
2.1
2.6
1.8
1.80
Low
07:00
SE
Balance of Trade
6.3
5.8
4.5
7.62
Low
07:00
SE
Retail Sales MoM
0.1
-0.6
0.4
0.28
Low
07:00
SE
Retail Sales YoY
4.1
2.3
1.7
1.83
Low
07:00
SE
Gross Domestic Product QoQ
0.5
0.8
0.2
0.18
Medium
07:00
SE
Gross Domestic Product YoY
2.1
1.8
1.8
1.77
Medium
00:00
SE
Gross Domestic Product YoY
-
1.8
1.8
1.77
Medium
00:00
SE
Gross Domestic Product QoQ
-
0.2
0.2
0.18
Medium
Thursday, February 26, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
SE
Consumer Confidence
96.3
95
95.9
95.65
Low
08:00
SE
Consumer Inflation Expectation
6.5
6.5
6.3
6.37
Low
07:00
SE
Household Lending Growth YoY
3
2.9
2.9
2.90
Low
Wednesday, February 25, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Producer Price Index MoM
2.4
-1.1
0.5
1.05
Low
07:00
SE
Producer Price Index YoY
-2
-2.7
-3.9
-3.35
Low
Friday, February 20, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Inflation Rate YoY
0.5
0.3
0.4
0.45
Low
07:00
SE
CPIF MoM
0.3
0.1
0.2
0.22
Low
07:00
SE
Inflation Rate MoM
0.1
0
0.1
0.13
Low
07:00
SE
Capacity Utilization QoQ
-0.6
-0.3
0.1
-0.25
Low
07:00
SE
CPIF YoY
2
2.1
2
2.00
Low
07:00
SE
CPI
0.1
0
0.1
0.03
Medium
Monday, February 16, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Employed Persons
5.914
5.252
5.24
5.58
Low
07:00
SE
Unemployment Rate
8.6
8.3
9.5
9.05
Low
Tuesday, February 10, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Household Consumption MoM
-3.7
3
0.3
-1.70
Low
07:00
SE
New Orders YoY
6.8
19.4
15.1
10.95
Low
07:00
SE
Construction Output YoY
1.6
1
1.2
1.40
Low
07:00
SE
Household Consumption YoY
0.5
4.6
2.9
1.70
Low
Friday, February 6, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
CPIF YoY
2
2.1
2
2.00
Low
07:00
SE
CPIF MoM
0.2
0.1
0.3
0.32
Low
07:00
SE
House Price Index MoM
-
-1
-1
-1.00
Low
07:00
SE
Inflation Rate MoM
0.1
0
0.2
0.23
Low
07:00
SE
Inflation Rate YoY
0.4
0.3
0.5
0.55
Low
07:00
SE
CPI
0.1
0
0.4
0.33
Medium
Thursday, February 5, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
House Price Index MoM
-1
-1
-1
-1.00
Low
Wednesday, February 4, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
SE
Services PMI
54.3
56.3
55.5
54.13
Low
Friday, January 30, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
SE
Consumer Inflation Expectation
-
7
6.8
6.87
Low
07:00
SE
Retail Sales YoY
1.5
6.9
5.1
5.23
Low
07:00
SE
Retail Sales MoM
-0.7
1.1
0.3
0.18
Low
Thursday, January 29, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:30
SE
Riksbank Rate Decision
1.75
1.75
1.75
1.75
Medium
08:30
SE
Interest Rate Decision
1.75
1.75
1.75
1.75
Medium
08:00
SE
Business Confidence
106.4
107.4
107
106.70
Low
08:00
SE
Economic Tendency Indicator
103
103.7
103.4
103.60
Low
08:00
SE
Consumer Confidence
95.3
95.6
95.5
95.25
Low
08:00
SE
Consumer Inflation Expectation
6.5
7
6.8
6.87
Low
07:00
SE
Gross Domestic Product MoM
-0.6
0.5
0.3
0.25
Low
07:00
SE
GDP Growth Rate QoQ
0.2
1.1
0.3
0.25
Low
07:00
SE
Household Lending Growth YoY
2.9
2.8
2.8
2.80
Low
07:00
SE
GDP Growth Rate YoY
1.8
2.6
2.1
2.10
Low
07:00
SE
Gross Domestic Product YoY
1.8
2.6
2.2
2.18
Medium
07:00
SE
Gross Domestic Product QoQ
0.2
1.1
0.6
0.57
Medium
Tuesday, January 27, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Balance of Trade
7.4
9.6
0.1
3.22
Low
Friday, January 23, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Unemployment Rate
-
8.2
8.6
8.15
Low
07:00
SE
Employed Persons
-
5.275
5.25
5.59
Low
07:00
SE
Producer Price Index YoY
-
-1.4
-1.3
-0.75
Low
07:00
SE
Producer Price Index MoM
-
1.2
0.2
0.75
Low
Thursday, January 15, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
CPIF YoY
2.1
2.3
2.1
2.10
Low
07:00
SE
Inflation Rate MoM
0
-0.4
0
0.03
Low
07:00
SE
CPIF MoM
0.1
-0.2
0.1
0.12
Low
07:00
SE
Inflation Rate YoY
0.3
0.3
0.3
0.35
Low
07:00
SE
CPI
0.3
0.3
0.3
0.23
Medium
Friday, January 9, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
New Orders YoY
-
12.1
9.1
4.95
Low
07:00
SE
Household Consumption YoY
-
2.3
2.5
1.30
Low
07:00
SE
Gross Domestic Product MoM
0.9
-0.3
0.2
0.15
Low
07:00
SE
Household Consumption MoM
-
-0.9
0.7
-1.30
Low
07:00
SE
Industrial Production YoY
4.2
5.9
6
5.10
Low
Thursday, January 8, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
CPIF YoY
2.1
2.3
2.1
2.10
Low
07:00
SE
CPIF MoM
0.1
-0.2
0.1
0.12
Low
07:00
SE
Inflation Rate MoM
0
-0.4
0.2
0.23
Low
07:00
SE
Inflation Rate YoY
0.3
0.3
0.5
0.55
Low
Wednesday, January 7, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
SE
Services PMI
56.7
59.1
58
56.63
Low
Friday, January 2, 2026
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:30
SE
Swedbank Manufacturing PMI
55.3
54.6
55
55.15
Low
Tuesday, December 30, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Household Lending Growth YoY
2.8
2.9
3
3.00
Low
Monday, December 29, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Balance of Trade
11.6
1.5
2
5.12
Low
Saturday, December 27, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Balance of Trade
-
1.5
2
5.12
Low
Tuesday, December 23, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
07:00
SE
Producer Price Index MoM
1.2
0.4
0.9
1.45
Low
07:00
SE
Producer Price Index YoY
-1.4
0.4
-1.7
-1.15
Low
Friday, December 19, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:00
SE
Consumer Inflation Expectation
7
7.1
6.5
6.57
Low
08:00
SE
Economic Tendency Indicator
103.7
101.5
102.5
102.70
Low
08:00
SE
Consumer Confidence
95.8
95.7
97.5
97.25
Low
07:00
SE
Retail Sales YoY
5.6
3.5
3.6
3.73
Low
07:00
SE
Retail Sales MoM
1.1
-0.2
0.5
0.38
Low
Thursday, December 18, 2025
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
08:30
SE
Riksbank Rate Decision
1.75
1.75
1.75
1.75
Medium
08:30
SE
Interest Rate Decision
1.75
1.75
1.75
1.75
Medium
Symbol
Price
Analysis and Forecast
Sweden Capacity Utilization Declines Sharply in January Report Capacity utilization measures the extent to which Sweden’s industrial sector is using its production capacity. The latest data shows a 0.60% decline compared to the previous quarter, reversing December’s smaller 0.30% drop, with the report released on February 20, 2026. This marks the weakest reading since November 2024, highlighting ongoing slack in Sweden’s manufacturing and industrial activity. The sharper-than-expected contraction missed analyst estimates of a slight increase, signaling persistent challenges amid a cautious global economic environment. Market reactions included a modest weakening of the Swedish krona and underperformance in cyclical stocks. Economists at SEB noted, “The continued decline in capacity utilization suggests that industrial momentum remains fragile, with limited signs of a near-term rebound.” This data underscores the need for close monitoring of Sweden’s industrial recovery and the Riksbank’s policy stance moving forward.
