In 2023, the production in mining and quarrying in South Korea was recorded at 1.9133 trillion South Korean Wons. By 2024, this value is projected to increase to 1.9486 trillion Wons, representing a year-on-year increase of 1.8%. The upward trend continues steadily over the following years with values reaching 1.9854 trillion in 2025 and 2.0215 trillion in 2026, each showing a year-on-year increase of approximately 1.9%. The production is further forecasted to grow to 2.0568 trillion in 2027 and 2.0914 trillion in 2028, consistent with annual growth rates of around 1.8-1.9%.
Over the last two years leading up to 2024, the sector has seen average annual growth rates fluctuating around 1.8-1.9%. The compound annual growth rate (CAGR) over the five-year forecast period from 2024 to 2028 is approximately 1.8%.
Future trends to watch for include technological advancements in mining efficiency, policy changes in environmental regulations, and shifts in global demand for mined resources. Keeping an eye on these factors will be crucial for predicting potential deviations from the current forecasted growth trajectory.
