Production in mining and quarrying in South Korea experienced fluctuations from 2013 to 2023. Starting at 2.7694 trillion South Korean Wons in 2013, the production value experienced minimal annual changes initially, dropped significantly by 2020 (-16.46%), but then rebounded with a notable increase in 2021 (21.25%). The 2023 value stood at 3.1228 trillion South Korean Wons, showing a modest year-on-year growth of 0.6%. The Compound Annual Growth Rate (CAGR) over the last five years (2018-2023) was 0.82%, indicating overall mild growth despite annual volatility.
Looking forward, production is expected to continue growing, with forecasted increases up to 3.2207 trillion South Korean Wons by 2028. The forecasted 5-year CAGR from 2024 to 2028 is 0.49%, with an overall growth rate of 2.46% during this period.
Future trends to watch for include potential impacts of regulatory changes, technological advancements in mining practices, and fluctuations in global demand for raw materials, which may influence production volumes and values.
