Germany leads European labor costs in electrical equipment with 59.75 million Euros, demonstrating a steady increase with a 1.51% rise in 2023. Italy and France follow, holding 12.7 and 8.37 million Euros, respectively, with Italy showing a 0.71% increase and France a slight decline of 0.17%. Austria and the Netherlands showed strong growth at 1.87% and 1.26%, respectively. Meanwhile, smaller markets like Slovenia, Greece, and Estonia showed the highest growth, with Estonia notably increasing by 3.85%. Belgium experienced nearly stagnant growth, reducing competitive impact.
Future trends to watch for include:
- Germany's potential shift in labor strategies influencing the market.
- Southern and Eastern European markets gaining traction, particularly Estonia’s and Greece's rapid growth.
- The impact of economic changes on labor costs amid uncertainties in inflation and geopolitical tensions in Europe.
Top countries in Labour Costs in Electrical Equipment Share by Country (Million Euros)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 59.75 | 2023 | +1.47% | +1.51% | View data |
| 2 | 2 Italy | 12.7 | 2023 | +0.81% | +0.71% | View data |
| 3 | 3 France | 8.37 | 2023 | +0.085% | -0.17% | View data |
| 4 | 4 Austria | 5.59 | 2023 | +2.06% | +1.87% | View data |
| 5 | 5 Spain | 4.95 | 2023 | -0.036% | -0.26% | View data |
| 6 | 6 Netherlands | 2.91 | 2023 | +1.43% | +1.26% | View data |
| 7 | 7 Finland | 1.73 | 2023 | +1.26% | +1.36% | View data |
| 8 | 8 Belgium | 1.59 | 2023 | -0.96% | -0.009% | View data |
| 9 | 9 Slovenia | 1.21 | 2023 | +2.69% | +2.55% | View data |
| 10 | 10 Ireland | 0.37 | 2023 | +0.69% | +0.72% | View data |
