The hours worked by employees in the Rubber Products Manufacturing sector in Spain have shown varying trends from 2013 to 2023. The sector experienced fluctuations with a steady increase from 2013 to 2018, peaking in 2018. However, a notable decline occurred in 2020 amid the COVID-19 pandemic. A recovery phase began in 2021, with a slight growth observed in 2021 and 2022. As of 2023, the sector stood at 36.337 million hours worked.
Year-on-year variations for the past two years were 1.92% in 2022 and 0.7% in 2023, highlighting a slowing growth rate. The compound annual growth rate (CAGR) over the last five years has averaged -1.39% per year, indicating a mild decline in hours worked overall.
Future trends to watch for include potential impacts of automation and technological advancements on labor requirements, economic fluctuations affecting sector demand, and regulatory changes that might influence operational hours. With a forecasted CAGR of -1.22% for the next five years, the sector might continue to see a slight decline in hours worked without significant operational or economic shifts.
