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BOK: NK Economy Contracts 1.1% in 2006

Written: 2007-08-16 14:51:17Updated: 0000-00-00 00:00:00

BOK: NK Economy Contracts 1.1% in 2006

North Korea's real gross domestic product shrank one-point-one percent last year from a year ago, ending a seven-year growth streak.

In its estimates on North Korean economic growth, the Bank of Korea (BOK) said Thursday that North Korea's nominal gross national income (GNI) amounted to 25-point-six billion dollars last year. The figure represents one-35th of South Korea’s GNI.

The communist country's per-capita GNI came to about eleven-hundred dollars last year, one 17th of South Korea's per-capita GNI.

North Korea's trade amounted to three billion dollars last year, compared with South Korea's 640 billion dollars. The South's trade was 212 times more than the North's last year, rising from a 182-fold difference in 2005.

Meanwhile, inter-Korean trade increased about 28 percent from a year earlier to one-point-four billion dollars.

The central bank said that bad weather in the North reduced agricultural, forestry and fisheries production, adding that the country seems to have suffered an energy shortage as its international relations deteriorated due to disapproval of its pursuit of nuclear weapons.

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