From 2013 to 2023, the annual hours worked in Finland's metal forming machinery and machine tools sector fluctuated, peaking in 2014 but showing a general downward trend, notably from 2019 onwards. As of 2023, the value stood at 2.2537 million hours, marking a 3.19% year-on-year decline from 2022. Over the last five years (2018-2023), the sector experienced an average annual decrease (CAGR) of -5.9%.
Future forecasted data indicate a continued downward trend, with a forecasted average annual decline (CAGR) of -2.78% from 2024 to 2028. By 2028, annual hours worked are expected to drop to 1.8936 million hours, representing a 13.14% cumulative decrease over the five forecasted years.
Future trends to watch for include:
- Technological advancements potentially leading to increased automation and reduced hours worked.- Shifts in global supply chains influencing the industry's demand and labor requirements.- Economic factors such as fluctuating demand in key markets and changes in industrial policy impact on the sector.
