SEOUL, July 31 ― The economy of isolated North Korea grew for the first time in three years in 2019 as better weather conditions boosted crop yields, but sanctions imposed to stop its nuclear ambitions kept factory output weak, South Korea's central bank said. Gross domestic product (GDP) in...
Friday, 31 Jul 2020 11:23 AM MYT
Gross domestic product in North Korea last year rose 0.4 per cent in real terms from the previous year when the economy suffered the biggest contraction in 21 years, shrinking 4.1 per cent due to a drought and sanctions, the Bank of Korea said today. “Even so, its too early to say economy is in a recovery” as its trade volume in recent years is half the levels seen before the international sanctions kicked in.
Estimates for North Korean economic data by the BOK are considered the most authoritative as the isolated nation does not disclose any statistics on its economy. However, North Korea's trade volume jumped 14.1 per cent in 2019, as exports of non-sanctioned items such as shoes, hats and wigs increased 43 per cent, the bank said.
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