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BOK: N. Korean Economy Grew for First Time in 3 Years in 2019

BOK: N. Korean Economy Grew for First Time in 3 Years in 2019

The Bank of Korea(BOK) estimates that the North Korean economy grew last year for the first time in three years.

In materials released Friday, the BOK reckoned that North Korea's GDP grew by zero-point-four percent in 2019, its first growth since 2016, on the back of rising exports despite economic sanctions.

A representative from the bank explained the growth is at least partly due to UN security sanctions not being strengthened since late 2017.

By industry, agriculture and fisheries went from minus one-point-eight percent growth in 2018 to one-point-four percent growth in 2019, while construction went from minus four-point-four percent growth in 2018 to two-point-nine percent growth in 2019.

However, mining -- a key North Korean industry -- continued to post negative growth at minus zero-point-nine percent.

Meanwhile, the BOK says the COVID-19 pandemic and the ensuing reduction of trade with China will have a negative impact on the North Korean economy this year. China accounts for 95 percent of North Korea's trade.

[Photo : YONHAP News]

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