The Services PMI in Sweden fell to 56.7 in December 2025, from an upwardly revised 59.2 in November, which had marked the highest level since June 2022. Despite the fall, the index remained above its historical average of 55.6 for the fourth month. The largest negative contribution came from business volume, with the sub-index dropping to 57 from 65.6 in November. The delivery times index (57.1 vs 59.6) and the order backlog index (57.7 vs 58.3) also declined, while the employment index returned to negative territory (49.8 vs 50). Moreover, the index for raw and intermediate goods prices rose to an 11-month high (59.2 vs 57.5), indicating persistent price pressures in the sector. “Despite a weaker finish, the sector gained momentum in Q4. Lower interest rates and increased consumption and investment needs have begun to affect service companies and their business plans to an extent we have not seen since the first half of 2022,” said Jörgen Kennemar, responsible for the PMI analysis.

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