Forecast: Mining and Quarrying Output in South Korea

Analysis of Mining and Quarrying output in South Korea reveals significant fluctuation over the past decade. In 2023, the output stood at 4.5207 trillion South Korean Wons. From 2013 to 2017, the sector showed a general upward trend, with growth notably high in 2016 at 8.72%. However, from 2018 to 2020, there was a downturn, with negative growth rates peaking in 2020 at -4.36%. Post-2020, there was a recovery, and by 2023, a modest growth rate of 1.25% was observed. The average growth (CAGR) over the past five years was approximately 0.92%, indicating a relatively stable but slow-growing sector.

Looking ahead, the forecast shows a gradual increase in output, with a 5-year CAGR predicted at 0.92% and total growth of 4.71% by 2028. Key trends to watch include technological advancements in mining, regulatory changes, and fluctuating global commodity prices. Observing these factors will provide insights into the sector's potential growth and challenges in the coming years.