The hours worked by employees in the rubber products manufacturing sector in Belgium have experienced a notable decline over the past decade. Starting from 3.3594 million hours in 2013, the value has consistently decreased, reaching 2.3999 million hours in 2023. This represents a year-on-year variation of -7.1% in 2023. The sector's performance has exhibited variability, with instances of moderate increases such as in 2016 and 2020. However, the overall trend has been downward, with a Compounded Annual Growth Rate (CAGR) of -2.25% over the last five years. The forecasted data indicates a continued decline, with hours expected to drop to 1.5095 million by 2028, projecting a CAGR of -7.41% for the next five years.
Future trends to watch for include technological advancements improving production efficiency, potential shifts in global supply chains affecting demand, and environmental regulations driving changes in manufacturing practices. Monitoring these factors will be crucial to anticipate their influence on labor hours in this sector.
