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Korea, North Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Korea, North Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
North Korea, one of the world's most centrally directed and least open economies, faces chronic economic problems. Industrial capital stock is nearly beyond repair as a result of years of underinvestment, shortages of spare parts, and poor maintenance. Large-scale military spending and development of its ballistic missile and nuclear program severely draws off resources needed for investment and civilian consumption. Industrial and power outputs have stagnated for years at a fraction of pre-1990 levels. Frequent weather-related crop failures aggravated chronic food shortages caused by on-going systemic problems, including a lack of arable land, collective farming practices, poor soil quality, insufficient fertilization, and persistent shortages of tractors and fuel.The mid 1990s through mid 2000s were marked by severe famine and widespread starvation. Significant food aid was provided by the international community through 2009. Since that time, food assistance has declined significantly. In the last few years, domestic corn and rice production has improved, although domestic production does not fully satisfy demand. A large portion of the population continues to suffer from prolonged malnutrition and poor living conditions. Since 2002, the government has allowed semi-private markets to begin selling a wider range of goods, allowing North Koreans to partially make up for diminished public distribution system rations. It also implemented changes in the management process of communal farms in an effort to boost agricultural output.In December 2009, North Korea carried out a redenomination of its currency, capping the amount of North Korean won that could be exchanged for the new notes, and limiting the exchange to a one-week window. A concurrent crackdown on markets and foreign currency use yielded severe shortages and inflation, forcing Pyongyang to ease the restrictions by February 2010. In response to the sinking of the South Korean warship Cheonan and the shelling of Yeonpyeong Island in 2010, South Korea’s government cut off most aid, trade, and bilateral cooperation activities. In February 2016, South Korea ceased its remaining bilateral economic activity by closing the Kaesong Industrial Complex in response to North Korea’s fourth nuclear test a month earlier. This nuclear test and another in September 2016 resulted in two United Nations Security Council Resolutions that targeted North Korea’s foreign currency earnings, particularly coal and other mineral exports. Over the last decade, China has been North Korea’s primary trading partner.The North Korean Government continues to stress its goal of improving the overall standard of living, but has taken few steps to make that goal a reality for its populace. In 2016, the regime used two mass mobilizations — one totaling 70 days and another 200 days — to spur the population to increase production and complete construction projects quickly. The regime released a five-year economic development strategy in May 2016 that outlined plans for promoting growth across sectors. Firm political control remains the government’s overriding concern, which likely will inhibit formal changes to North Korea’s current economic system.

GDP (purchasing power parity):
$40 billion (2015 est.) $40 billion (2014 est.) $40 billion (2013 est.)
note: data are in 2015 US dollars; North Korea does not publish reliable National Income Accounts data; the data shown are derived from purchasing power parity (PPP) GDP estimates for North Korea that were made by Angus MADDISON in a study conducted for the OECD; his figure for 1999 was extrapolated to 2015 using estimated real growth rates for North Korea's GDP and an inflation factor based on the US GDP deflator; the results were rounded to the nearest $10 billion.
country comparison to the world: 118

GDP (official exchange rate):
$28 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.1% (2015 est.) 1% (2014 est.) 1.1% (2013 est.)
country comparison to the world: 207
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$1,700 (2015 est.) $1,800 (2014 est.) $1,800 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 215

Gross national saving:
NA%
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: NA%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: NA%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: NA%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: NA%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 5.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -11.1% (2014 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 25.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 41%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 33.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rice, corn, potatoes, wheat, soybeans, pulses, beef, pork, eggs

Industries:
military products; machine building, electric power, chemicals; mining (coal, iron ore, limestone, magnesite, graphite, copper, zinc, lead, and precious metals), metallurgy; textiles, food processing; tourism

Industrial production growth rate:
1% (2017 est.)
country comparison to the world: 163
[see also: Industrial production growth rate country ranks ]

Labor force:
14 million
note: estimates vary widely (2014 est.)
country comparison to the world: 42
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 37%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 63% (2008 est.)

Unemployment rate:
25.6% (2013 est.) 25.5% (2012 est.)
country comparison to the world: 193
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $3.2 billion
[see also: Budget - revenues country ranks ]
expenditures: $3.3 billion (2007 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
11.4% of GDP
note: excludes earnings from state-operated enterprises (2007 est.)
country comparison to the world: 209
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.4% of GDP (2007 est.)
country comparison to the world: 44
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
NA%
[see also: Inflation rate (consumer prices) country ranks ]

Exports:
$2.985 billion (2016 est.) $2.908 billion (2015 est.)
country comparison to the world: 126
[see also: Exports country ranks ]

Exports - commodities:
minerals, metallurgical products, manufactures (including armaments), textiles, agricultural and fishery products

Exports - partners:
China 85.6% (2016)

Imports:
$3.752 billion (2016 est.) $3.711 billion (2015 est.)
country comparison to the world: 135
[see also: Imports country ranks ]

Imports - commodities:
petroleum, coking coal, machinery and equipment, textiles, grain

Imports - partners:
China 90.3% (2016)

Debt - external:
$5 billion (2013 est.)
country comparison to the world: 136
[see also: Debt - external country ranks ]

Exchange rates:
North Korean won (KPW) per US dollar (average market rate) 135 (2017 est.) 130 (2016 est.) 130 (2015 est.) 98.5 (2013 est.) 155.5 (2012 est.)


NOTE: 1) The information regarding Korea, North on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Korea, North Economy 2018 information contained here. All suggestions for corrections of any errors about Korea, North Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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