Key Market Indicators
**Cypriot Mining and Quarrying Production Forecast to Reach €78 Million by 2028** Cyprus' mining and quarrying sector is projected to see a modest growth over the coming years, with production expected to reach approximately €78 million by 2028. This figure represents a slight increase from the €77 million recorded in 2023, averaging a year-on-year growth rate of 0.2%. However, this growth comes after a long-term decline. Since 2000, the country's supply in this sector has decreased by an average of 0.4% annually. In 2023, Cyprus ranked 34th globally, with Luxembourg surpassing it at €77 million. Leading the global rankings were the United Kingdom, Poland, and the Netherlands, occupying the second, third, and fourth spots, respectively. **Revenue Decline in Cypriot Mining and Quarrying Sector** While production is set to rise slightly, revenue in Cyprus' mining and quarrying sector tells a different story. Revenue is anticipated to fall from €65 million in 2023 to around €59 million by 2028, marking a compound annual growth rate (CAGR) decline of 1.5%. The sector's revenue has been on a downward trajectory since 2010, decreasing by an average of 3.7% per year. In 2023, Cyprus ranked 30th globally in terms of revenue, with Luxembourg again ahead at €65 million. The United Kingdom, Germany, and Poland held the second, third, and fourth positions, respectively, in this category. These trends highlight the contrasting outlooks for production and revenue in Cyprus' mining and quarrying industry over the coming years.
