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N. Korean Economy Posts Growth for First Time in 4 Years

Written: 2024-12-20 15:43:36Updated: 2024-12-20 17:50:34

N. Korean Economy Posts Growth for First Time in 4 Years

Photo : YONHAP News

North Korea’s economy is estimated to have posted growth for the first time in four years in 2023, after the country relaxed its COVID-19 control measures. 

According to data released by Statistics Korea on Friday, the North’s real gross domestic product(GDP) climbed three-point-one percent last year from a year earlier. 

The agency produced the latest data after compiling and reclassifying statistics gathered by related organizations both at home and abroad. 

Construction, mining and manufacturing drove the growth.

The North’s nominal GDP last year was estimated at 40-point-two trillion won, about one-sixtieth that of South Korea, while the North’s nominal gross national income reached 40-point-nine trillion won, about one-thirtieth that of South Korea.

The North’s trade volume, with the exception of inter-Korean activity, reached 27-point-seven trillion won in 2023, up 74-point-six percent on-year.

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