Forecast: Wages and Salaries in Financial Services in Belgium

From 2013 to 2023, wages and salaries in financial services in Belgium have shown a fluctuating yet generally upward trend, rising from €7.14 billion in 2013 to €7.42 billion in 2023. The Compound Annual Growth Rate (CAGR) over the past five years stands at 0.34%, indicating modest but steady growth.

Notably, there were dips in 2015 and 2020 with negative year-on-year variations of -0.87% and -1.77%, respectively. However, the years immediately following these dips saw recovery, with 2021 showing a 2.45% increase and 2017 showing a 1.07% increase. The last two years exhibited stable growth with 0.55% in 2022 and 0.54% in 2023.

Looking ahead, the forecast for the next five years suggests a continuation of the upward trend, with the total value predicted to reach €7.62 billion by 2028. The forecasted five-year CAGR is projected to be around 0.41%, indicating a slightly accelerated rate of growth compared to the past five years.

Trends to watch for the future include:

• Digital transformation in financial services, which may drive shifts in wage structures.
• Regulatory changes impacting financial institutions and their salary budgets.
• Macroeconomic factors such as inflation rates and economic growth, which can influence salary adjustments.