瑞典的经常账户盈余从去年同期的1360亿瑞典克朗缩小到2025年第二季度的845亿瑞典克朗，因为所有主要组成部分都减弱了，主要原因是主要收入余额中的投资回报下降。初级收入盈余从一年前的970亿瑞典克朗下降到710亿瑞典克朗，而商品盈余从871亿瑞典克朗降至810亿瑞典克朗。与此同时，服务赤字从215亿瑞典克朗扩大到401亿瑞典克朗，二级收入差距从266亿瑞典克朗微升至275亿瑞典克朗。

Sweden’s current account surplus narrowed to SEK 84.5 billion in the second quarter of 2025 from SEK 136 billion in the corresponding period of the previous year, as all major components weakened, led by a drop in investment returns within the primary income balance. The primary income surplus declined to SEK 71 billion from SEK 97 billion a year ago, while the goods surplus eased to SEK 81 billion from SEK 87.1 billion. At the same time, the services deficit widened to SEK 40.1 billion from SEK 21.5 billion, and the secondary income gap edged up to SEK 27.5 billion from SEK 26.6 billion.

初步估计显示，瑞典的年通货膨胀率从上个月的0.8%上升到2025年8月的1.1%，符合市场预期。这是自2月以来的最高读数，但仍远低于瑞典央行2%的目标。按月计算，消费者价格指数下降0.4%，扭转了7月份0.2%的涨幅。与此同时，瑞典央行的目标指标——固定利率CPI（CPIF）在8月份同比上涨3.3%，这是自2024年1月以来的最快增长，此前一个月增长了3.0%，略高于市场预测的3.2%。

Sweden’s annual inflation rate rose to 1.1% in August 2025 from 0.8% in the previous month, in line with market expectations, a preliminary estimate showed. This marked the highest reading since February but remained well below the Riksbank’s 2% target. On a monthly basis, consumer prices decreased 0.4%, reversing a 0.2% rise in July. Meanwhile, the CPI with a fixed interest rate (CPIF), the Riksbank’s target measure, advanced 3.3% year-on-year in August, the fastest increase since January 2024, following a 3.0% growth in the prior month and slightly ahead of market forecasts of 3.2%.

瑞典服务业采购经理人指数从7月份向上修正的49.0攀升至2025年8月的53.4，标志着在短暂陷入收缩后再次复苏。新订单从52.2攀升至58.4，商业活动从50.2改善至53.0，推动了反弹。然而，劳动力市场状况仍然疲软，就业人数仍低于50，为44.6人，尽管高于7月份的37.3人，标志着连续第13个月出现收缩。供应商交货时间保持不变，为53.7，将交付周期延长至15个月。在价格方面，投入成本加速至56.6，为五个月来的最高水平，但仍低于58.0的历史平均水平，表明成本在上升，但成本压力有所控制。Swedbank分析师Jörgen Kennemar警告称，虽然反弹指向弹性，但需要更高的PMI读数来确认服务产出和招聘的持续回升。

The Services PMI in Sweden climbed to 53.4 in August 2025 from an upwardly revised 49.0 in July, signaling a renewed recovery after briefly slipping into contraction. The rebound was driven by a sharp rise in new orders, which climbed to 58.4 from 52.2, alongside an improvement in business activity to 53.0 from 50.2. However, labor market conditions remained weak, with employment stuck below the 50-mark at 44.6, though up from 37.3 in July, marking the 13th consecutive month of contraction. Supplier delivery times were unchanged at 53.7, extending their run of lengthening lead times to 15 months. On prices, input costs accelerated to 56.6—the highest in five months but still below the historical average of 58.0—indicating rising but contained cost pressures. Swedbank analyst Jörgen Kennemar cautioned that while the rebound points to resilience, higher PMI readings will be needed to confirm a sustained pickup in service output and hiring.

瑞典银行制造业采购经理人指数从7月份的54.4升至2025年8月的55.3，达到今年的最高水平，自2022年春季以来首次超过长期平均水平54.3。最强劲的增长来自生产（6月份为58.0比55.2），其次是新订单（57.0比56.5）、就业（52.0比51.6）和供应商交货时间（54.0比53.3）。此外，生产计划攀升至65.2，为三年多来的最高水平，这表明制造商持乐观态度。相比之下，采购材料的库存（48.6比46.7）对指数产生了负面影响。与此同时，投入价格指数从50.1微升至50.9，表明成本压力减弱。瑞典银行PMI分析师Jörgen Kennemar指出，与美国达成夏季协议后贸易不确定性的缓解可能会提振信心，但他警告称，关税和全球地缘政治的风险仍然存在。

Sweden’s Swedbank Manufacturing PMI rose to 55.3 in August 2025 from 54.4 in July, reaching its highest level this year and moving above the long-term average of 54.3 for the first time since spring 2022. The strongest boost came from production (58.0 vs 55.2 in June), followed by new orders (57.0 vs 56.5), employment (52.0 vs 51.6), and supplier delivery times (54.0 vs 53.3). Additionally, production plans climbed to 65.2, the highest in more than three years, signaling optimism among manufacturers. In contrast, inventories of purchased materials (48.6 vs 46.7) weighed negatively on the index. Meanwhile, the input price index edged higher to 50.9 from 50.1, indicating subdued cost pressures. Jörgen Kennemar, Swedbank’s PMI analyst, noted that easing trade uncertainty after a summer deal with the US likely supported confidence, but cautioned that risks from tariffs and global geopolitics remain.