North Korea's GDP: Historical Data, Charts, and Projections
Historical Trends
North Korea's gross domestic product (GDP) has undergone significant fluctuations over the past several years. According to data from the Bank of Korea, the country's real GDP contracted by 0.2% in 2022, following a 0.1% decline in 2021 and a 4.5% plunge in 2020.
Recent Estimates
Trading Economics estimates that North Korea's GDP reached USD 2124 billion by the end of 2023. This represents a modest growth from the previous year.
Industry Breakdown
As of 2016, North Korea's GDP by industry in trillion South Korean won (nominal) was as follows:
- Agriculture: 20.98
- Industry: 39.58
- Services: 49.44
Economic Policy
North Korea continues to adhere to a centralized planned economy. The country's focus on self-sufficiency and isolation has limited its economic growth potential.
Kim Jong-un's Address
In 2022, North Korean leader Kim Jong-un declared that the faltering economy would be a national priority. This marked a shift from the previous focus on nuclear weapons and military development.
Conclusion
North Korea's GDP remains a topic of interest and speculation due to the country's unique economic system and geopolitical isolation. While recent estimates indicate a slight growth in GDP, the long-term prospects for the North Korean economy remain uncertain.
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