The economy of North Korea grew by 3.7% in 2024, the strongest expansion since 2016, from a 3.1% rise in 2023, driven largely by deepening economic ties with Russia. According to an official from the Bank of Korea (BOK), the improvement was due to significant increases in manufacturing, construction and mining industries, which were affected by strengthening of national policy projects domestically, and expansion of economic cooperation between North Korea and Russia externally. In particular, the heavy chemical sector surged 10.7%, the fastest growth on record, supported by increased production of metal products used in weapons exported to Russia. source: Bank of Korea
The Gross Domestic Product (GDP) in North Korea expanded 3.70 percent in the fourth quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in North Korea averaged -0.43 percent from 1990 until 2024, reaching an all time high of 6.10 percent in 1999 and a record low of -6.50 percent in 1997. This page provides - North Korea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. North Korea GDP Annual Growth Rate - values, historical data and charts - was last updated on February of 2026.
The Gross Domestic Product (GDP) in North Korea expanded 3.70 percent in the fourth quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in North Korea is expected to reach 3.00 percent by the end of 2026, according to Trading Economics global macro models and analysts expectations. In the long-term, the North Korea GDP Annual Growth Rate is projected to trend around 2.90 percent in 2027 and 2.60 percent in 2028, according to our econometric models.