The employment in the refined petroleum products sector in Austria has shown a significant upward trend from 2013 to 2023. Starting at 1.11 thousand FTEs in 2013, the sector grew to 3.19 thousand FTEs by 2023. The year-on-year growth experienced a major spike in 2018 with a 56.94% increase, followed by steady growth ranging between 7.3% to 12.57% in subsequent years, representing robust sector expansion. The compound annual growth rate (CAGR) over the last 5 years stands at 10.14%, indicating consistent growth in employment.
Looking forward, employment is forecasted to continue its upward trajectory, reaching 3.99 thousand FTEs by 2028. The forecasted 5-year CAGR is 3.32%, with a total projected growth rate of 17.75% over the period. Trends suggest moderate yet stable growth in employment within this sector.
Future trends to watch for:
- Shifts in global energy markets and their impact on refined petroleum demand.
- Technological advancements in refining processes increasing efficiency and potentially altering employment needs.
- Influence of environmental policies and sustainability initiatives on sector growth.
- Potential impacts of geopolitical changes on the oil supply chain and employment.
