Forecast: Employment in Manufacture of Basic Iron and Steel Sector in Belgium

The employment in the manufacture of basic iron and steel sector in Belgium has experienced significant fluctuations over recent years. From 2013 to 2019, employment saw a mix of declines and slight recoveries, culminating at 14.67 thousand workers in 2019. However, starting from 2020, the trend sharply declined, with significant year-on-year reductions, reaching 7.48 thousand by 2023, reflecting a -8.19% year-on-year decrease and a -12.6% CAGR over the last five years.

Forecast data from 2024 onwards project continued declines in employment, with a forecasted compound annual growth rate (CAGR) of -14.41%, leading to an anticipated employment level of 3.02 thousand by 2028, indicating a substantial drop of -54.07% over these years.

Future trends to watch for include potential technological advancements and automation impacts, shifts in global demand for steel, and policy changes targeting the iron and steel sector. These factors could significantly influence employment trajectories in the coming years.