The production volumes of employment services in Belgium have experienced several shifts in the past decade. Notably, a decline was seen in 2013, followed by a consistent upward trend until 2019, with the exception of a small dip in that year. The COVID-19 pandemic caused a significant drop in 2020, but the industry rebounded strongly in 2021 and continued to grow moderately through 2023, standing at €9.92 billion in 2023.
The year-on-year analysis indicates notable growth fluctuations, with the most substantial recovery occurring in 2021 at 23.49%. The industry demonstrated resilient recovery post-2020, albeit with more modest growth rates in subsequent years, culminating in a 2.28% increase in 2023. The five-year CAGR up till 2023 was moderate at 1.57%, while the forecasted five-year CAGR shows a slightly better outlook at 1.74%, projecting steady incremental increases through 2028. The forecast growth rate over five years is anticipated to be 8.99% by 2028.
Future trends to watch for include technological advancements in recruitment processes, the increasing prevalence of hybrid work models, and potential economic shifts impacting labor demands. These factors could shape the employment services landscape significantly in the years ahead.
