Korea North Economy - 2024

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

Unemployment rate

2.59% (2021 est.)
2.92% (2020 est.)
2.59% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 6.1% (2021 est.)

male: 5.4%

female: 6.9%

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)

Exchange rates:
135 (2017 est.)
130 (2016 est.)
130 (2015 est.)
98.5 (2013 est.)
155.5 (2012 est.)