Labour costs in the Turkish leather products sector are forecasted to increase steadily from 4.39 billion New Turkish Liras in 2024 to 5.11 billion in 2028. In 2023, actual labour costs stood at 4.21 billion. The year-on-year percentage changes from 2024 to 2028 show consistent growth: 4.34% in 2024, 4.33% in 2025, 3.93% in 2026, 3.78% in 2027, and 3.44% in 2028. The Compound Annual Growth Rate (CAGR) over the five-year period from 2023 to 2028 is approximately 3.96%, indicating a moderate yet steady rise in labour costs.
Future trends to watch for include the impact of inflation on labour costs, potential changes in labour market regulations, and technological advancements in leather production that may affect labour demand. Monitoring the balance between labour cost increases and productivity improvements will be crucial for competitiveness in the global market.
