Sweden's Riksbank Business Survey finds a slow and uneven recovery among large companies

Sveriges Riksbank published its February 2026 Business Survey, indicating that large Swedish companies are seeing some improvement in economic activity but that the recovery remains slow and hesitant. An uncertain global environment is weighing on household consumption and business investment, leaving firms cautious about the outlook. Consumer-facing businesses report somewhat brighter conditions than last autumn as households’ willingness to spend has strengthened and sales volumes are rising, although households remain price-conscious and selective. Manufacturing conditions are more divided than usual, with defence-related demand supporting some firms while parts of the forestry, steel and automotive industries struggle; exporters also point to the stronger krona and, in particular, exchange-rate volatility as challenging. On pricing, non-durable goods retailers plan to cut prices when VAT on food is temporarily reduced, while other retailers and service providers expect to raise prices in line with inflation. Almost all surveyed companies report using artificial intelligence (AI), primarily to improve productivity with existing staff rather than reduce headcount, with limited near-term effects but expectations of longer-term shifts in skill demand. The survey draws on interviews with representatives from 41 companies employing around 270,000 people, conducted mainly between 29 January and 9 February 2026 across manufacturing, construction, retail trade and parts of the services sector. From 2026, the Riksbank will publish four Business Surveys per year, with quarterly reports in March, June, September and December.