North Korea's economy surged in 2023 after years of contraction, South estimates

Record ID: 1830335

  • Title: North Korea's economy surged in 2023 after years of contraction, South estimates
  • Date: 26th July 2024
  • Summary: DANDONG, LIAONING PROVINCE, CHINA (FILE - 2021) (REUTERS) CHINA-NORTH KOREA FRIENDSHIP BRIDGE WITH NORTH KOREA IN BACKGROUND CHINESE FLAG ON FRIENDSHIP BRIDGE CHINESE (LEFT) AND NORTH KOREAN (RIGHT) NATIONAL FLAGS SEOUL, SOUTH KOREA (FILE - 2016) (REUTERS) EXTERIOR OF BANK OF KOREA SIGN ON BUILDING READING (Korean and English): "THE BANK OF KOREA" SOUTH KOREA'S NATIONAL FL
  • Embargoed: 9th August 2024 04:26
  • Keywords: Bank of Korea GDP Kim Jong Un North Korea Pyongyang South Korea agriculture economy file leader manufacturing
  • Location: SOUTH HAMGYONG PROVINCE, KANGWON PROVINCE, PYONGYANG, NORTH KOREA / DANDONG, LIAONING PROVINCE, CHINA / SEOUL, SOUTH KOREA
  • City: SOUTH HAMGYONG PROVINCE, KANGWON PROVINCE, PYONGYANG, NORTH KOREA / DANDONG, LIAONING PROVINCE, CHINA / SEOUL, SOUTH KOREA
  • Country: North Korea
  • Topics: Asia / Pacific,Government/Politics
  • Reuters ID: LVA002194426072024RP1
  • Aspect Ratio: 16:9
  • Story Text: North Korea's economy grew sharply in 2023 after shrinking for three straight years as trade with China increased after COVID-19 pandemic border controls were eased, according to estimates by South Korea's central bank on Friday (July 26).
    Gross domestic product (GDP) in 2023 likely expanded 3.1% in real terms, the biggest percentage growth since 2016, the Bank of Korea (BOK) said. The industrial sector accounted for 30.7% of the economy in 2023, while the agricultural and construction sectors accounted for 22.0% and 11.0%, respectively.
    North Korea's economy contracted by 0.2% in 2022, 0.1% in 2021 and 4.5% in 2020 amid COVID restrictions and U.N. sanctions. In 2023, North Korea's trade with China accounted for 98.3% of the total trade volume, according to the BOK.
    The BOK has been publishing its estimates of the North Korean economy since 1991, based on information from various sources including intelligence and foreign trading agencies and data from the South's unification ministry.
    (Production: Daewoung Kim, Minwoo Park)
  • Copyright Holder: FILE REUTERS (CAN SELL)
  • Copyright Notice: (c) Copyright Thomson Reuters 2024. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register