Forecast: Total Hours Worked in Accommodation and Food Services in Chile

The total hours worked in Accommodation and Food Services in Chile have shown varied trends from 2013 to 2023. The sector experienced a significant increase in hours worked, rising from 648 million hours in 2013 to 780 million hours in 2023. Over the last decade, there have been fluctuations, with notable increases in 2015 and 2016, followed by a period of relative stability and modest growth. The Compound Annual Growth Rate (CAGR) from 2018 to 2023 was 1.56%, indicating steady but slow growth.

The year-on-year variations in recent years were mostly positive but modest, with a consistent growth pattern evident since 2017. This indicates resilience and a gradual recovery, particularly post-2020. Looking ahead, forecasts suggest continued growth, with an expected total of 826 million hours worked by 2028. The projected 5-year CAGR is 0.92%, reflecting a moderate growth trajectory.

Future trends to watch for include:

• The impact of technological advancements and automation on labor demand.
• Changing consumer behaviors and preferences in the post-pandemic environment.
• Government policies and economic conditions affecting the hospitality sector.