The number of employees in the business services sector in Austria has shown a steady increase from 1.65 million in 2013 to 1.87 million in 2023. This demonstrates a consistent year-on-year growth with notable peaks in 2017 and 2018 when the sector saw growth rates of 2.06% and 2.34%, respectively. In 2023, the employee count stood at 1.87 million, continuing the gradual upward trend with a smaller year-on-year increase of 0.99%. The compound annual growth rate (CAGR) over the past five years has been 0.96%, reflecting a stable growth momentum.
Looking ahead to the forecasted data from 2024 to 2028, the business services sector is expected to continue its growth trajectory, with projected employee numbers reaching 1.96 million by 2028. The average annual growth rate over the next five years is anticipated to be 0.71%, with a total growth rate of 3.62% over this period.
Future trends to watch for include:
- Technological advancements driving efficiency and potentially altering employment needs.
- Impact of economic fluctuations on the business services sector.
- Shifts in demand for specific business services due to evolving market conditions.