The hours worked in the Forestry and Agricultural Machinery sector in Finland experienced significant fluctuations over the years. After reaching a peak in 2014, the sector witnessed a decline, with the value standing at 5.7233 million hours in 2023. The year-over-year variation in 2023 was -1.1%, continuing the downward trend from the previous year. Overall, the compound annual growth rate (CAGR) over the last five years stands at -2.91%, indicating a consistent decline in hours worked within the industry.
From 2014 to 2017, there was relative stability, with growth and declines balancing each other out. Post-2017, fluctuations resumed, with notable declines in 2020 and 2021, likely affected by external factors such as economic conditions and the global pandemic. Despite a slight recovery in 2019, hours worked dipped again, culminating in the low values forecasted from 2024 onwards, where a continuous decline is expected with a forecasted CAGR of -0.88% and an overall forecasted five-year growth rate of -4.34%.
Future trends to watch for include technological advancements in machinery, automation, and process efficiencies which might reduce the number of hours worked. Additionally, external economic factors and policies around sustainability and environmental impacts could influence the industry's labor requirements.
