North Korea's economy shrank by 4.5 percent in 2020, suffering its biggest contraction since at 1997, amid continued UN sanctions, COVID-19 lockdown measures and worsened weather conditions such as heavy rains and typhoons, data from the Bank of Korea showed. The services sector decreased by 4.0 percent (vs 0.9 percent in 2019), led by declines in transportation, wholesale & retail trade and accommodation & food services. In addition, manufacturing production slumped 3.8 percent (vs -1.1 percent in 2019), as both light industry and heavy & chemical industry production contracted; while agriculture, forestry & fishing decreased by 7.6 percent (vs 1.4 percent in 2019). On the other hand, output rose for both utilities (1.6 percent vs -4.2 percent) and construction (1.3 percent vs 2.9 percent). The BOK gives the most reliable estimates of economic output in the reclusive North, but other experts said the situation could be even worse. source: Bank of Korea
GDP Annual Growth Rate in North Korea averaged -0.70 percent from 1990 until 2020, 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 May of 2022.
GDP Annual Growth Rate in North Korea is expected to reach -1.00 percent by the end of 2021, 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 2022 and 1.30 percent in 2023, according to our econometric models.