Friday July 20 2018
North Korea GDP Annual Growth Rate at -3.50 percent
The North Korean economy shrank 3.5 percent in 2017, after growing 3.9 percent in 2016, according to estimates from the Bank of Korea. It was the steepest contraction since a 6.5 percent drop in 1997, after international sanctions hit exports of coal and other commodities and products from industries related with chemicals, nuclear & missile activities. External trade excluding trade between North and South Korea amounted to USD 5.55 billion, a decrease of 15 percent from 2016. Exports slumped 37.2 percent while imports increased 1.8 percent. By industry, output tumbled for mining (-11 percent), agriculture & fisheries (-1.3 percent), manufacturing (-6.9 percent), utilities (-2.9 percent) and construction (-4.4 percent) while the services sector increased a meager 0.5 percent, mainly due to government activities.