In 2023, European labor costs in rubber and plastics for Germany stood the highest, followed by Italy and Spain. Germany's significant figure aligns with its industrial prominence. Other major economies like the Netherlands and Austria lagged somewhat at visibly lower values. Growth-rate-wise, countries like Slovakia and Estonia showed remarkable recent boosts, reflective of emerging manufacturing hubs. Germany's costs increased by 1.79% in 2023, and Slovenia led growth with a 2.73% increase, while Finland displayed a minimal increment.
Future trends may spotlight a realignment of industry investments towards Eastern Europe, known for reduced labor costs but with investments aimed at increasing productivity. Sustainability and circular economy principles may also shape labor cost dynamics, as technological enhancements lower operational costs in developed nations.
Top countries in Labour Costs in Rubber and Plastics Products by Country
| # | 10 Countries | Million Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 22,480 | 2023 | +1.67% | +1.79% | View data |
| 2 | 2 Italy | 7,920 | 2023 | +1.15% | +1.19% | View data |
| 3 | 3 Spain | 3,740 | 2023 | +0.84% | +0.87% | View data |
| 4 | 4 Netherlands | 1,920 | 2023 | +1.59% | +1.7% | View data |
| 5 | 5 Austria | 1,740 | 2023 | +1.82% | +1.79% | View data |
| 6 | 6 Belgium | 1,720 | 2023 | +1.53% | +2.01% | View data |
| 7 | 7 Slovakia | 837.46 | 2023 | +3.68% | +4.09% | View data |
| 8 | 8 Finland | 657 | 2023 | +0.46% | +0.37% | View data |
| 9 | 9 Slovenia | 500 | 2023 | +2.9% | +2.73% | View data |
| 10 | 10 Ireland | 389.84 | 2023 | +1.28% | +2.19% | View data |
