WNAM REPORT: North Korea’s economy expanded by more than 3 percent last year, rebounding from three consecutive years of contraction, data showed Friday, on the back of increased trade with China following the easing of border restrictions in the post-COVID-19 period.
The reclusive regime posted 3.1 percent on-year economic growth in 2023, following a 0.2 percent contraction in 2022, a 0.1 percent dip in 2021 and a 4.5 percent decrease in 2020, according to the data from Statistics Korea.
“Economic growth rebounded as border controls imposed during the COVID-19 pandemic were relaxed,” said Kim Soo-young, a Statistics Korea official.
China remained North Korea’s largest trading partner, accounting for 98.3 percent of its total international trade, the agency reported.
North Korea’s total trade volume surged by 74.6 percent on-year to $2.77 billion in 2023, the data showed. Nonetheless, it shows a sharp contrast to Seoul’s $1.26 trillion.
North Korea’s exports soared 104.4 percent on-year to $330 million, while imports rose 71.3 percent to $2.44 billion.
Despite the growth in trade, North Korea’s nominal gross domestic product (GDP) of 40.2 trillion won remained only at 1.7 percent of South Korea’s, which came to 2,401.2 trillion won in 2023.
Similarly, its nominal gross national income (GNI) reached 40.9 trillion won, with a per capita GNI of 1.59 million won, roughly one-thirtieth of that of South Korea.
North Korea has long struggled with chronic food shortages, which have been further exacerbated by heightened international economic sanctions over its nuclear and missile programs.
North Korea’s grain production increased 6.9 percent in 2023 to 4.82 million tons, surpassing South Korea’s 4.3 million tons by more than 500,000 tons.
“Unlike South Korea, which relies heavily on imports for its grain supply, North Korea’s self-sufficiency in grain production is noteworthy given its ongoing food crisis,” Kim said.
The population of North Korea was estimated at 25.8 million in 2023, compared with South Korea’s 51.71 million.
The life expectancy for North Korean men was 72.1 years and 78.6 years for women, the agency said. In comparison, South Korean men and women were expected to live 8.5 years and 7.8 years longer, respectively.
Since 1995, South Korea’s statistics office has been publishing comprehensive data on North Korea to provide insights into its economic and social conditions.
