Sweden Manufacturing PMI Hits 10-Month High in February
Sweden’s manufacturing sector continued its upward trajectory in February, with the Manufacturing Purchasing Managers’ Index (PMI) climbing to 56.1. This marks a modest increase from January’s 56.0 and stands well above the 12-month average of 54.6. The latest data point underscores a sustained recovery in Swedish industry, with output and new orders both contributing to the headline gain.
Big-Picture Snapshot
Drivers This Month
- Output: +0.12pp
- New Orders: +0.09pp
- Supplier Delivery Times: +0.05pp
- Employment: +0.03pp
Policy Pulse
At 56.1, February’s PMI remains comfortably above the neutral 50 threshold, indicating ongoing expansion. The Riksbank does not set an explicit PMI target, but the current reading signals robust industrial momentum relative to broader economic conditions.
Market Lens
Swedish equities and the krona saw mild gains following the PMI release. Investors interpreted the data as a sign of resilience in Sweden’s manufacturing base, supporting risk sentiment and modestly lifting SEK-linked assets.Foundational Indicators
Historical Context
- February 2026: 56.1
- January 2026: 56.0
- December 2025: 54.6
- November 2025: 55.1
- October 2025: 55.6
- September 2025: 55.3
Trend Analysis
February’s PMI is the highest since April 2025. The index has gained 1.5 points since December, with the last three months all above the 12-month average. This sustained improvement reflects broad-based gains across output and orders.
Market Lens
Bond yields edged higher as traders priced in firmer industrial activity. The steady PMI uptrend has tempered expectations for near-term monetary easing, with investors watching for signs of overheating or supply constraints.Chart Dynamics
Forward Outlook
Scenario Probabilities
- Bullish (30–40%): PMI sustains above 56 through Q2, driven by export demand and stable input costs.
- Base Case (45–55%): PMI moderates toward 55 as order growth normalizes and supply chains stabilize.
- Bearish (10–20%): PMI dips below 54 if global demand falters or cost pressures re-emerge.
Risks and Catalysts
- Upside: Stronger eurozone demand, easing energy prices
- Downside: Supply chain disruptions, weaker global trade
Market Lens
Currency markets have responded with modest SEK appreciation. The PMI’s resilience has supported the krona, though further gains hinge on sustained industrial momentum and external demand.Closing Thoughts
Data Source & Methodology
Figures are sourced from the Sigmanomics database, reflecting monthly survey responses from Swedish manufacturing firms. The PMI summarizes changes in output, new orders, employment, supplier delivery times, and inventories, with 50 as the expansion threshold.
Market Lens
Investors are watching for confirmation of sustained sector strength in coming months. The latest PMI print reinforces confidence in Sweden’s industrial outlook, but vigilance remains warranted amid global uncertainties.Key Markets Reacting to Manufacturing PMI
Sweden’s robust manufacturing PMI has influenced a cross-section of markets. Equity, currency, and crypto assets with exposure to Swedish industrial trends have shown sensitivity to the latest data. Below are key symbols that have historically responded to shifts in Sweden’s manufacturing momentum.
- AAPL – Indirect exposure via global supply chains and Nordic component suppliers.
- EURSEK – Directly tracks SEK’s reaction to Swedish macro data.
- BTCUSD – Risk sentiment proxy, often moves with global manufacturing trends.
| Year | PMI (SE) | EURSEK |
|---|---|---|
| 2020 | 47.8–54.2 | 10.10–10.60 |
| 2022 | 52.3–58.1 | 10.20–10.90 |
| 2024 | 53.0–55.7 | 11.00–11.60 |
| 2026 | 54.2–56.1 | 11.20–11.45 |
EURSEK has tended to weaken (lower SEK) during PMI downturns and strengthen when Swedish manufacturing momentum accelerates, as seen in the latest data.
FAQ: Sweden Manufacturing PMI Hits 10-Month High in February
- What does the latest Sweden Manufacturing PMI indicate?
- February’s PMI of 56.1 signals continued expansion in Sweden’s manufacturing sector, reaching its highest level since April 2025.
- How does this month’s PMI compare to recent history?
- The February reading is up from January’s 56.0 and stands above the 12-month average of 54.6, marking a three-month uptrend.
- Why is the Manufacturing PMI important for Sweden?
- The PMI is a key gauge of industrial health, influencing market sentiment and providing early signals on economic momentum.
Sweden’s manufacturing sector is showing renewed strength, with the February PMI print reinforcing the country’s industrial recovery.
Updated 3/2/26
This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.
- Sigmanomics Economic Data, Sweden Manufacturing PMI, accessed 3/2/26.
February’s PMI print of 56.1 edged up from January’s 56.0 and is well above the 12-month average of 54.6. The index has now risen for three consecutive months, with the last sub-55 reading in December 2025. Compared to August’s 54.2, the current level marks a notable rebound.
Momentum has accelerated since the autumn, with February’s figure representing a 3.5% increase from December. The last time the PMI was higher was in April 2025, underscoring the sector’s renewed strength.