Analysis: The number of employees in the business services sector in Belgium has demonstrated a consistent upward trend, growing from 1.58 million in 2013 to 1.82 million in 2023. This period witnessed varying growth rates, with significant year-on-year variations reaching up to 2.17% in some years. Over the last two years, the growth rate has slightly slowed down to approximately 1.01% and 0.97%. The 5-year CAGR leading up to 2023 stands at 1.11%, indicating a steady yet diminishing growth rate in recent years. As of 2023, the number of employees stood at 1.82 million.
Future Trends:
- The forecasted growth rate for the next five years suggests a moderate increase with a 5-year CAGR of 0.7%.
- Overall employment in the sector is expected to reach 1.9 million by 2028, which represents a total growth rate of 3.57% over the period.
Future trends to watch for include the impact of technological advancements and automation, which may influence employment dynamics. Additionally, evolving market demands and regulatory changes in the business services sector will be critical factors shaping future employment growth.