2025-12-19
Economic Tendency Survey December 2025
The Economic Tendency Indicator stronger than normal
The Economic Tendency Indicator rose for the sixth consecutive month and, for the first time since July 2022, indicates a more positive sentiment than normal. Manufacturing was the sector in which the confidence indicator increased the most. Consumers’ confidence indicator is almost unchanged compared with November and remains weaker than normal.
The increase in the manufacturing confidence indicator is explained entirely by strengthened expectations regarding production volumes over the coming three months. Both the assessment of the order book and the size of finished goods inventories were unchanged in December.
The services sector confidence indicator increased primarily due to higher demand for firms’ services over the past three months. Developments in firms’ business activity over the past three months and demand for firms’ services over the coming three months also strengthened.
The trade confidence indicator rose and is now much stronger than normal. Firms are more positive about sales volumes, both over the past three months and for the coming three months. Compared with November, firms report to a lesser extent that inventories are too large.
The confidence indicator for the construction sector declined slightly following the increase in November. This is explained by both a more pessimistic view of the size of the order book and somewhat less optimistic employment plans.
Firms in the business sector expect, to a slightly greater extent than normal, that selling prices will increase over the coming three months. These expectations have remained broadly unchanged since June 2025.
The consumers’ confidence indicator was largely unchanged in December and points to a weaker-than-normal sentiment. Assessments of consumers’ financial situation—both over the past twelve months and the coming twelve months—strengthened, while views on the Swedish economy weakened to a corresponding degree.
