The Riksbank’s Business Survey: “There was some concern before the summer, but then things took a turn for the better”
Press release The economic situation has improved since last spring and, for the first time since September 2022, large Swedish companies’ assessment of the situation is now above its historical average. Before the summer, there were fears that the war in the Middle East would delay the recovery, but those fears have not materialised. Demand has strengthened and the cost increases resulting from the war are considered to be manageable. As a result, companies are taking a more optimistic view of future developments. This is revealed by the Riksbank’s Business Survey in August.
“It does feel as though we have a tailwind to some extent, after all”
The retail and hospitality sectors, in particular, are optimistic about the economic outlook. They have experienced strong sales over the summer. Households are described as frugal in their day-to-day lives, but are willing to spend more during holidays and on special occasions. However, many companies assess that underlying household demand has strengthened and they are expressing greater optimism about the outlook for consumption now than they were in May.
"A structural upturn in demand"
Economic trends for companies that sell to other companies are largely driven by structural changes in society. There is strong and growing demand for products and services used in the defence industry, data centres and the energy transition.
The war in the Middle East is “driving up costs”
The war in the Middle East has, above all, driven up fuel prices, which is affecting companies’ transport costs. In addition, the costs of materials and purchasing are rising. It is in particular those companies that sell to other companies that say that these costs have already had an impact. In the retail and hospitality sectors, there is a lag in purchasing costs due to longer lead times. The cost increases are not expected to take effect until the end of the year.
“We simply have to try and raise prices”
Companies are managing the increased costs by raising their prices to other companies, both in the near term and in the longer term. However, on the whole, there are no plans to raise prices by more than usual. Within the non-durable goods segment, on the other hand, there are no plans to raise prices, which means that pricing plans for the retail and hospitality sectors are falling overall.
“We are streamlining our operations and are quite restrictive when it comes to replacing staff”
Over the past three years, companies have reported gradual reductions in their workforces. Fewer companies are now planning to cut staff, but they are continuing to focus on efficiency improvements and are being cautious about replacing staff.
About the Business Survey
The Riksbank regularly interviews Sweden’s largest companies in the manufacturing, construction and retail trade sectors, some services sector segments and employer organisations. Representatives of 40 companies, with around 220,000 employees in total, were interviewed via personal visits, telephone or web-based services. The interviews were conducted mainly during the period 20-31 August 2026.
The results of the interviews are reported in the Riksbank’s Business Survey.
The quotations above are from the interviews.
From 2026 onwards, the Riksbank is increasing the number of Business Surveys to four per year. The reports are published quarterly, in March, June, September and December.