2025-11-27
Economic Tendency Survey November 2025
Slight Increase in the Economic Tendency Indicator
The Economic Tendency Indicator rose for the fifth consecutive month, signalling conditions in the economy that correspond to a normal level of sentiment. The most pronounced change occurred in construction, where the confidence indicator strengthened the most. Confidence indicators for both the service sector and man-ufacturing also increased. Following the substantial rise in October, the confidence indicator for trade fell slightly in November. After six consecutive months of in-creases, the confidence indicator for consumers declined somewhat.
The stronger confidence indicator in construction is explained primarily by more robust employment plans. Both assessments of construction activity during the past three months and expectations regarding construction in the coming three months strengthened in November.
The decline in trade is mainly attributable to less optimistic expectations for sales volumes in the coming three months. This downturn follows a sharp increase in October. Firms’ expectations regarding the sales situation over a six-month horizon have improved and are considerably more optimistic than normal. Sales prices are reported to have increased to a normal extent over the past three months, and price plans for the coming three months remain at their historical average.
Manufacturing firms’ views of current order stocks became slightly less negative, which largely explains the increase in the confidence indicator. A smaller share of firms than normal consider finished-goods inventories to be excessive, which accounts for the indicator being at a normal level.
Demand for the firm’s services over the past three months is the question that contributed most to the increase in the service sector’s confidence indicator. Expectations regarding demand in the coming three months constitute the strongest element within the indicator.
The downturn in the consumers’ confidence indicator is explained chiefly by a more pessimistic view of their own financial situation over the next twelve months. The question concerning consumers’ own finances over the past twelve months also contributes to the decline. Consumers, however, are more positive about Sweden’s economy—both over the past twelve months and the coming twelve months—than they were in October.
