Forecast: Employees in Financial Service Activities Sector in Belgium

The number of employees in the Financial Service Activities sector in Belgium has experienced a consistent decline from 2013 to 2023, decreasing from 67,000 persons to 50,500 persons. This represents a significant contraction in the workforce, with a marked decline particularly noted from 2017 onwards. Over the last two years, the year-on-year variation was -2.07% in 2022 and -2.88% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years stands at -2.8%, indicating an average annual decline in workforce of 2.8%.

The forecast for the next five years shows a continued downward trend in employment, with the number of employees expected to reach 43,000 by 2028. The projected CAGR for this period is -2.58%, implying a future decline rate that continues at a similar pace to recent years. The overall forecasted growth rate over the next five years is -12.24%.

Future trends to watch for in this sector may include:

• Automation and digitization potentially reducing the need for human labor.
• Regulatory changes impacting the financial services landscape.
• Shifting economic conditions and their impact on financial services demand.
• Technological advancements and their integration into financial services.