The North Korean economy shrank 0.1% in 2021, following a 4.5% contraction in 2020, dragged down by UN sanctions and the closure of its border with China. Production fell in the mining sector (-11.7% vs -7.6% in 2020), namely coal; manufacturing (-3.3% vs -3.8%), mainly food, beverages & tobacco products and chemicals; and services (-0.4% vs -4%). On the other hand, increases were seen in the output for agriculture, forestry & fishing (6.2% vs -7.6%); electricity, gas & water (6% vs 1.6%), namely hydroelectric power generation; and construction (1.8% vs 1.3%), mainly residential building construction. source: Bank of Korea
GDP Annual Growth Rate in North Korea averaged -0.68 percent from 1990 until 2021, 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 August of 2022.
GDP Annual Growth Rate in North Korea is expected to reach 2.00 percent by the end of 2022, 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 2.00 percent in 2023 and 1.30 percent in 2024, according to our econometric models.