In 2023, the total hours worked in Norway's cutlery industry stood at 117.12 thousand hours. Moving forward, the forecasted values indicate a declining trend from 2024 to 2028. Specifically, the hours worked are expected to decrease from 113.88 thousand in 2024 to 101.28 thousand in 2028. This represents a negative CAGR over the five years. The year-on-year percentage variations show a consistent annual drop, with about a 2-3% decrease each year. Over the last two years, this trend has accelerated slightly.
Future trends to watch for include potential impacts of automation and technological advancements, which might further reduce labor hours. Additionally, shifts in consumer demand, driven by economic conditions or changes in lifestyle preferences, could either buffer or amplify the reduction in labor hours in the cutlery industry.
