Triathlon Group’s Industrial Report 2022/23

Triathlon Group’s annual Industrial Report (Verkstadsrapporten) shows that the Western Sweden’s manufacturing industry have recovered after the pandemic. However, high inflation, higher interest rates, continued material shortages and increasing energy prices result in that companies are uncertain about the future demand.

Western Sweden’s manufacturing companies recovered, but slower than Sweden as a whole
After good results before the pandemic, the largest manufacturing companies in western Sweden have had difficulties to recover compared to Sweden as a whole. The largest companies in Western Sweden have 5 percent lower revenue and headcount 2021 compared to 2019. Comparatively, revenue for the Swedish manufacturing industry as a whole is back at the same level as 2019.

“The manufacturing companies experience price increases in the entire value chain”

The survey clearly highlights that companies experience increased costs, which is expected to continue 2023. However, 82% of the companies have been able to increase their prices in line with or more than the cost increase. Price hikes are expected to continue next year, and most companies expect that their price increases will be equal or larger next year.

Uncertainties are high for 2023 - downturn expected
Leaving behind a good 2021 and beginning of 2022, the 100 largest manufacturing companies in Western Sweden are more negative about the future. Revenue is expected to increase in 2022 and in 2023, but margins and headcount are expected to decrease compared to 2021. Uncertainties are clearly high considering the expected cost and price increases.

About Triathlon Group’s Industrial Report
Triathlon Group’s Industrial Report analyzes annual reports of the 100 largest manufacturing companies in Western Sweden. The 10 largest and the subsequent 90 are compared with the corresponding sample for Sweden as a whole. The report also contains a forecast, based on a survey conducted with the largest manufacturing companies in Western Sweden.


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