The output of the UK mining and quarrying sector has experienced significant fluctuations over the past decade. The sector saw a downturn from 2013 to 2016, followed by a marked recovery between 2017 and 2018. Post-2018, output remained relatively stable with some variations, notably a significant drop in 2020 likely due to pandemic impacts, followed by a recovery up to 2022. In 2023, the output stands at 41.55 billion pounds sterling, with recent years showing steady growth.
Notable year-on-year changes include a 14.6% increase in 2017, a 21.85% surge in 2018, and a significant decrease of 22.82% in 2020. Recent growth was moderate with a 6.1% increase in 2023. Over the last five years, the CAGR shows a mild decline of 0.15%, but the forecast predicts a more positive outlook with a 5-year CAGR of 0.93% and an expected growth rate of 4.73% by 2028.
Future trends to watch for include technological advancements in extraction methods, shifts in global commodity prices, environmental regulations impacting the sector, and the potential effects of Brexit on trade and investment. The sector may also benefit from increased demand for minerals used in renewable energy technologies.