Korea North Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

one of the last centrally planned economies; hard hit by COVID-19, crop failures, international sanctions, and isolationist policies; declining growth and trade, and heavily reliant on China; poor exchange rate stability; economic data integrity issues

Real 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 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.

Real GDP growth rate

-1.1% (2015 est.)

1% (2014 est.)

1.1% (2013 est.)

Real GDP per capita

$1,700 (2015 est.)

$1,800 (2014 est.)

$1,800 (2013 est.)

note: data are in 2015 US dollars

GDP (official exchange rate)

$28 billion (2013 est.)

Inflation rate (consumer prices)

N/A

GDP - composition, by sector of origin

agriculture: 22.5% (2017 est.)

industry: 47.6% (2017 est.)

services: 29.9% (2017 est.)

GDP - composition, by end use

household consumption: (2014 est.) NA

government consumption: (2014 est.) NA

investment in fixed capital: (2014 est.) NA

investment in inventories: (2014 est.) NA

exports of goods and services: 5.9% (2016 est.)

imports of goods and services: -11.1% (2016 est.)

Agricultural products

rice, maize, vegetables, apples, potatoes, cabbages, fruit, sweet potatoes, beans, soybeans

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.)

Labor force

17.16 million (2021 est.)

note: estimates vary widely

Labor force - by occupation

agriculture: 37%

industry: 63% (2008 est.)

Unemployment rate

2.59% (2021 est.)

2.92% (2020 est.)

2.59% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 6.1%

male: 5.4%

female: 6.9% (2021 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $3.2 billion (2007 est.)

expenditures: $3.3 billion (2007 est.)

Budget surplus (+) or deficit (-)

-0.4% (of GDP) (2007 est.)

Taxes and other revenues

11.4% (of GDP) (2007 est.)

note: excludes earnings from state-operated enterprises

Fiscal year

calendar year

Exports

$222 million (2018)

$4.582 billion (2017 est.)

$2.908 billion (2015 est.)

Exports - partners

China 67%, Suriname 6% (2019)

Exports - commodities

refined petroleum, iron alloys, electricity, cars, vaccines and cultures (2021)

Imports

$2.32 billion (2018 est.)

$3.86 billion (2016 est.)

Imports - partners

China 96% (2019)

Imports - commodities

clothing and apparel, soybean oil, rice, wheat products, clocks/watches (2019)

Debt - external

$5 billion (2013 est.)

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: The information regarding Korea North on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Korea North 2023 information contained here. All suggestions for corrections of any errors about Korea North 2023 should be addressed to the CIA or the source cited on each page.