瑞典的经常账户盈余从去年同期的850亿瑞典克朗急剧扩大到2025年第一季度的1193亿瑞典克朗。这标志着自2024年第二季度以来最大的盈余，主要是由于初级收入盈余从一年前的538亿瑞典克朗扩大到845亿瑞典克朗。此外，商品账户盈余从882亿瑞典克朗增至1017亿瑞典克朗。与此同时，服务账户缺口从304亿瑞典克朗增至323亿瑞典克朗，二级收入差距从267亿瑞典克朗升至346亿瑞典克朗。

Sweden’s current account surplus widened sharply to SEK 119.3 billion in the first quarter of 2025 from SEK 85 billion in the corresponding period of the previous year. This marked the largest surplus since the second quarter of 2024, primarily driven by an expansion in primary income surplus to SEK 84.5 billion from SEK 53.8 billion a year earlier. Additionally, the goods account surplus increased to SEK 101.7 billion from SEK 88.2 billion. Meanwhile, the services account shortfall rose to SEK 32.3 billion from SEK 30.4 billion, as well as the secondary income gap to SEK 34.6 billion from SEK 26.7 billion.

初步估计显示，瑞典的年通货膨胀率在2025年5月降至0.2%，低于市场预测的0.4%和4月份的0.3%。这是自2020年11月以来的最低水平，也是连续第十个月通胀低于瑞典央行2%的目标。按月计算，消费者价格在4月份上涨0.1%后保持不变。与此同时，瑞典央行的目标指标——固定利率CPI在5月份同比上涨2.3%，与4月份持平，低于预期的2.5%的涨幅。与上月相比，消费者价格指数上涨0.1%，较4月份0.2%的涨幅有所回落。

Sweden’s annual inflation rate edged down to 0.2% in May 2025, below market forecasts of 0.4% and April’s figure of 0.3%, preliminary estimates showed. This marks the lowest reading since November 2020 and the tenth consecutive month with inflation below the Riksbank’s 2% target. On a monthly basis, consumer prices were unchanged, following a 0.1% rise in April. Meanwhile, the CPI with a fixed interest rate (CPIF)—the Riksbank’s target measure—rose 2.3% year-on-year in May, unchanged from April and below the expected 2.5% increase. Compared to the previous month, the CPIF rose 0.1%, easing from a 0.2% gain in April.

瑞典服务业采购经理人指数从4月份向下修正的48.7升至2025年5月的50.8，这表明在经历了两个月的收缩后，经济适度恢复扩张。这一改善主要是由于新订单的强劲反弹，这是自2024年10月以来的最大月度增幅，升至51.5。然而，整体商业活动仍然疲软，产出指数连续第三个月降至46.9，而就业率微升至47.7，但仍低于增长阈值。此外，交付时间持续延长了12个月，这表明后勤挑战持续存在。在价格方面，由于货币走强和供应商价格上涨疲软，该指数降至51.4，为10月以来的最低水平，投入成本压力有所缓解。与此同时，瑞典银行分析师Jörgen Kennemar指出了稳定的迹象，但强调持续复苏需要更强劲的全球和国内需求。

Sweden’s Services PMI rose to 50.8 in May 2025 from a downwardly revised 48.7 in April, signaling a modest return to expansion after two months of contraction. The improvement was largely driven by a strong rebound in new orders, which saw their biggest monthly gain since October 2024, rising to 51.5. However, overall business activity remained subdued, with the output index falling for a third straight month to 46.9, while employment edged up to 47.7 but stayed below the growth threshold. Also, delivery times continued to lengthen for a twelfth month, pointing to persistent logistical challenges. On prices, input cost pressures eased, as the index fell to 51.4—its lowest level since October—amid currency strength and weaker supplier price hikes. Meanwhile, Swedbank analyst Jörgen Kennemar noted signs of stabilization but stressed that stronger global and domestic demand is needed for a sustained recovery.

瑞典银行制造业采购经理人指数从上个月的54.2降至2025年5月的53.6，但仍牢牢保持在增长区间。下降的原因是订单量（51.3比55.3）和库存（51.3对51.6）下降。此外，由于全球原材料价格上涨和克朗走弱，供应商原材料和投入价格指数从上月的50.5降至5月份的7个月低点49.6。然而，生产（59.7比58.3）、就业（53.7比53）和交付时间（51.1比50.8）均有所上升。

Sweden's Swedbank Manufacturing PMI eased to 53.6 in May 2025 from 54.2 in the previous month, but remaining firmly in growth territory. The decline was driven by weaker order intake (51.3 vs 55.3) and inventory stocks (51.3 vs 51.6). Additionally, the index for suppliers' raw material and input prices fell to a 7-month low of 49.6 in May from 50.5 in the previous month, due to global raw material price increases and a weakened krona. However, production (59.7 vs 58.3), employment (53.7 vs 53), and delivery times (51.1 vs 50.8) all rose.