In 2023, Germany led Europe in labor costs for computer, electronic, and optical products with €27.55 billion, reflecting a 2.68% year-on-year growth. Italy followed with €5.36 billion, growing at 0.84%. The Netherlands and Austria showed significant volume but moderate growth of 1.45% and 1.03%, respectively. Notably, in Finland, costs declined by 2.82%, and Spain recorded a substantial drop of 4.13%. Countries like Estonia, Lithuania, and Greece saw positive growth rates around 2%.
Future trends to watch:
- Increasing labor cost in high-cost regions like Germany and its potential impact on competitiveness.
- The potential for shifts in labor-intensive activities to countries with lower costs like Estonia and Lithuania.
- Observed fluctuations highlight the need for companies to strategize around labor efficiency and technology integration.
Top countries in Labour Costs in Computer, Electronic and Optical Products by Country
| # | 10 Countries | Million Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 27,550 | 2023 | +2.09% | +2.68% | View data |
| 2 | 2 Italy | 5,360 | 2023 | +0.84% | +0.84% | View data |
| 3 | 3 Netherlands | 2,220 | 2023 | +1.28% | +1.45% | View data |
| 4 | 4 Austria | 1,770 | 2023 | +1.41% | +1.03% | View data |
| 5 | 5 Finland | 1,320 | 2023 | -3.08% | -2.82% | View data |
| 6 | 6 Belgium | 862.9 | 2023 | -0.23% | +0.62% | View data |
| 7 | 7 Spain | 792 | 2023 | -4.23% | -4.13% | View data |
| 8 | 8 Slovenia | 161.2 | 2023 | +0.5% | -0.31% | View data |
| 9 | 9 Estonia | 143.9 | 2023 | +3.01% | +2.82% | View data |
| 10 | 10 Lithuania | 132.4 | 2023 | +3.2% | +2.66% | View data |
