The forecasted data for iron ore mining hours worked in Spain shows a significant and consistent decline from 33.87 thousand hours in 2024 to 1.86 thousand hours in 2028. Compared to 2023, where hours worked stood at 42.58 thousand hours, the year-on-year percentage variations are stark, indicating a -22.23% change in 2024, followed by declines of -23.98% in 2025, -31.24% in 2026, -45.03% in 2027, and -80.90% in 2028. Over the forecasted 5-year period, the compound annual growth rate (CAGR) exhibits a steep negative trend, averaging -42.62% per year.
Future trends to watch for include potential further declines or stabilization in iron ore mining hours, potential shifts towards automation, and the impact of environmental regulations on industry labor requirements. Additionally, the demand for iron ore in global markets and advancements in alternative materials may also play significant roles in shaping future labor needs.
