Austria's glass and glass products industry has experienced varied swings in wages and salaries over the decade. The value stood at 575.3 million Euros in 2023. From 2013 to 2017, there was minimal change with a slight dip and subsequent recovery. However, between 2018 and 2019, the industry saw significant wage growth, peaking in 2019.
The sector faced a decline in 2020 likely due to economic pressures, followed by a robust recovery. The year-on-year growth was substantial in 2021 and 2022, continuing at a strong but slightly slower rate into 2023. Over the last two years, the average annual growth rate was 7.43%. The 5-year CAGR also indicates a solid upward trend at 6.18%.
Looking ahead, wages are forecasted to continue rising moderately with a forecasted average annual growth rate (CAGR) of 1.59% by 2028, suggesting more stability compared to previous fluctuations.
Future trends to watch for include:
- Inflation impacts and labor market adjustments
- Technological advancements affecting industry productivity
- Economic policy changes and global market influences
- Environmental regulations impacting production costs
