An e-invoicing index from Pagero is offering fresh insights into economic activity across the Nordics, using e-invoicing data to track real-time business trends.
Pagero’s E-fakturaindex, e-invoicing index, compares the value of e-invoices exchanged by companies year-on-year, shedding light on shifts in commercial activity based on real transaction volumes rather than forecasts or surveys. By analyzing only comparable companies month-by-month, the index isolates genuine growth or decline in invoicing volumes.
In Sweden, the index shows sales rose 16% year-on-year in March — the seventh consecutive month of growth after a stagnant first half of 2023. For the first quarter overall, Swedish companies saw a 14% increase compared to the same period last year. The analysis covers e-invoicing data between over 35,000 trading partners, representing an invoiced value of approximately SEK 385 billion for 2024, and SEK 110 billion in the first quarter alone. The data includes both domestic and cross-border transactions.
"Invoicing for Swedish companies continues at a good pace even during the first quarter of this year. The upturn from the end of last year is thus maintained, with increasing sales for seven consecutive months despite the enormous uncertainty surrounding tariffs in March" says Joakim Hahne, Regional Manager for Northern Europe at Pagero. *
Pagero’s dataset also captures trends in neighboring markets. In October, e-invoice data from Denmark reflected activity among around 4,000 trading partners with a total value equivalent to approximately SEK 1.5 billion, while in Finland, data from about 25,000 partners represented SEK 14 billion in transactions.
As adoption of e-invoicing continues to expand, tools like Pagero’s index could play an increasingly important role in providing up-to-the-minute views of economic health — complementing traditional indicators with real transaction data.
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