Swedish Factory Growth Strongest Since March 2022

(RTTNews) - Sweden's industrial activity expanded at the quickest pace in nearly four years in January, survey data from Swedbank and the logistics association SILF showed on Monday.

The purchasing managers' index for the manufacturing sector rose to 56.0 in January from 55.4 in December. A reading above 50 indicates expansion, and the latest PMI reading was the highest since March 2022, when it was 57.0.

"Swedish industry continues to be in an expansionary phase with index levels that are a good bit higher than in the US and the Eurozone," Swedbank analyst Jorgen Kennemar said.

"Geopolitical unrest and a stronger krona have not prevented the industry from growing and indicate a robust industrial economy."

Among components, positive contributions came from new orders and employment, while inventory purchases, production, and delivery times dragged down the PMI. Production plans reached their strongest level in three months.

Price pressures intensified in January in parallel with the pickup in global commodity prices, especially for industrial metals, led by copper. The supplier raw material and input price index rose to 58.4 in January from 57.4 in December.