Based on the forecasted data for the Mining and Quarrying sector in Norway from 2024 to 2028, there is a consistent year-on-year decline in production values. Starting at 909.32 Billion Norwegian Krones in 2024, the production value decreases to 867.29 Billion Norwegian Krones by 2028. This reflects a steady annual decrease, with specific year-on-year variations of approximately -1.17% from 2024 to 2025, -1.17% from 2025 to 2026, -1.18% from 2026 to 2027, and -1.18% from 2027 to 2028.
The compounded annual growth rate (CAGR) over the five-year period from 2024 to 2028 is around -1.17%, indicating a gradual decline in the sector's production. When assessing the sector's value or volume for 2023, we see that the recent decline follows a similar trend, suggesting a longer-term contraction in mining and quarrying activities.
Future trends to watch for include technological advancements in mining efficiency, potential shifts in global commodity prices, and changes in environmental regulations that could impact production processes and volumes.
