In 2023, Germany led European labor costs in the computer, electronic, and optical products sector, commanding a significant share at 68.13 million euros. Italy followed with 13.25 million euros, and the Netherlands posted 5.5 million euros. While Germany and the Netherlands experienced positive growth in labor costs with increases of 2.68% and 1.45%, respectively, Spain witnessed a decline of 4.13%. Over a longer timeframe, Finland experienced a notable decrease in labor costs at -2.82%. Estonia and Lithuania, though holding smaller shares, saw commendable growth rates at 2.82% and 2.66%, respectively.
Future trends to watch include potential shifts due to economic recovery efforts and technological advancements. Germany's dominant position might attract more investments, while countries like Estonia and Lithuania could benefit from nearshoring strategies, fostering growth in labor costs through enhanced production capabilities and competitive advantages.
Top countries in Labour Costs in Computer, Electronic and Optical Products Share by Country (Million Euros)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 68.13 | 2023 | +2.09% | +2.68% | View data |
| 2 | 2 Italy | 13.25 | 2023 | +0.84% | +0.84% | View data |
| 3 | 3 Netherlands | 5.5 | 2023 | +1.28% | +1.45% | View data |
| 4 | 4 Austria | 4.39 | 2023 | +1.41% | +1.03% | View data |
| 5 | 5 Finland | 3.27 | 2023 | -3.08% | -2.82% | View data |
| 6 | 6 Belgium | 2.13 | 2023 | -0.23% | +0.62% | View data |
| 7 | 7 Spain | 1.96 | 2023 | -4.23% | -4.13% | View data |
| 8 | 8 Slovenia | 0.4 | 2023 | +0.5% | -0.31% | View data |
| 9 | 9 Estonia | 0.36 | 2023 | +3.01% | +2.82% | View data |
| 10 | 10 Lithuania | 0.33 | 2023 | +3.2% | +2.66% | View data |
