From 2013 to 2023, Belgium's Mining and Quarrying Gross Value Added (GVA) has shown variable trends. Notably, there were significant increases in 2014 and 2019, contrasted with declines in 2015, 2018, and 2020. As of 2023, GVA stands at 300 million euros, indicating a slight year-on-year decline of 3.07%. Recent 5-year CAGR reflects an annual average growth rate of 4.17%, driven by substantial growth in 2021 and 2022.
Looking ahead to 2024 and beyond, the data forecasts a very modest contraction in the sector, with a forecasted 5-year CAGR of -0.14%, potentially shrinking by 0.7% by 2028. This modest decline suggests some stabilization but limited growth prospects.
Future trends to watch for:
- Potential influences of global commodity price fluctuations.- Technological advancements and automation in mining processes.- Environmental policies and sustainability initiatives potentially reducing mining activities.- Economic conditions that may impact industrial demand for raw materials.
