Labour costs in the air and spacecraft and related machinery sector in Belgium increased from 382.2 million Euros in 2013 to 454.7 million Euros in 2023, reflecting a trend of steady growth. Year-on-year variations peaked at 5.78% in 2014, with a notable decline in 2019 at -3.43%. Recent growth has been modest, with 1.36% in 2023. The average annual growth rate over the past five years (2019-2023) is 0.8%.
Looking forward to the forecast up to 2028:
- Labour costs are expected to continue rising, reaching 483.5 million Euros in 2028.
- The five-year forecast CAGR is 0.97%, indicating steadier growth compared to the previous five years.
- Total growth over the forecast period (2023-2028) is projected to be 4.95%.
Future trends to watch for include the impact of technological advancements on labour efficiencies, potential regulatory changes, and global economic conditions that could affect industry growth rates and labour cost structures.
