The output of services to buildings and landscape activities in South Korea has shown significant fluctuations from 2015 to 2023. The value stood at 16.173 Trillion South Korean Wons in 2023. After a dip in 2020 with a significant year-on-year decline of 17.13%, the sector rebounded strongly in 2021 with an increase of 22.39%. The growth has been relatively stable with modest increases in 2022 and 2023, showing year-on-year variations of 1.53% and 1.47%, respectively. The compound annual growth rate (CAGR) over the past five years has averaged 1.1%.
Future trends to watch for include:
- Continued modest annual increases, with forecasted year-on-year growth around 1.5%.
- Expected growth rate of 5.9% over the next five years, with a forecasted CAGR of 1.15% by 2028.
- Potential impact of technological advancements and sustainability initiatives on the demand for services within the sector.
