Wages and salaries in business services in Belgium have shown an overall upward trend from 2013 to 2023. In 2023, wages and salaries stood at 81.57 billion Euros. Over the last decade, growth rates have varied, with significant increases between 2016 and 2019, peaking with a CAGR of 3.72% in 2019. Although there was a slower growth period in 2020 with only a 1.39% year-on-year increase, the market quickly recovered, showing stable increases above 2% in subsequent years.
Key trends to note:
● From 2018 to 2023, the average variation per year, expressed as a compound annual growth rate (CAGR), was 2.34%.
● The period saw fluctuations with notable deceleration during the 2020 pandemic, followed by resumed growth in the subsequent years.
● Forecasts from 2024 to 2028 predict a lower five-year CAGR of 1.37%, indicating a slower but steady growth trend, anticipated to achieve a cumulative growth rate of 7.06% by the end of the period.
Future trends to watch for:
● Potential economic policies impacting wage structures and business service costs in Belgium.
● Automation and AI advancements that may influence the demand and wage structures within the business services sector.
● Global economic conditions which could impact investment in business services, potentially affecting wage trends.
