Forecast: Output of Agricultural Products and Livestock in South Korea

The output of agricultural products and livestock in South Korea has experienced modest fluctuations over the years. In 2023, the output stood at 51.462 trillion South Korean Wons. From 2015 to 2023, there were variations, including notable decreases in 2016 (-2.19%) and 2020 (-5.53%), as well as significant increases in 2021 (5.45%). The CAGR over the past five years up to 2023 was approximately -0.0089%, indicating a relatively stable trend despite minor declines and growths.

The forecast from 2024 to 2028 predicts a steady increase in output, with an estimated CAGR of 0.14%. By 2028, the output is expected to reach 51.924 trillion South Korean Wons. The overall anticipated growth rate over this five-year period is around 0.71%.

Future trends to watch for include technological advancements in farming practices, climate change impacts, and policy shifts that may influence agricultural productivity. Tracking these factors will be crucial in assessing whether the forecasted growth remains on track or undergoes adjustments.